What is a competitive marketing strategy?
6 Rather than ignoring these competitors, the best way to alleviate the competition is to attract a proactive approach and develop a competitive marketing strategy. A competitive marketing strategy is a strategy that objectively evaluates the strengths and weaknesses of the product or service and compares them to the strategy of its direct competitors. Marketing methods for product or service are then determined in a way that earns the benefits of one company over competition and minimizes its weaknesses.
Sizing competition to determine their strengths and weaknesses is something that company can do internally through existing staff, or can outsource the research company along with other components of competing marketing strategy. Thanks to the Internet, most competing information can be collected online, and then you can create a summary using a date from different websites. Most websites or online research companies charge for publication of certain data such as the hardenHe will give figures for the financial resources of the competitor, while other information, such as proprietary trade secrets, can prove impossible.
As soon as the strengths and weaknesses of the competition are collected, they should be arranged in the graph next to the strong and weaknesses of the company for easy comparison. Columns should include factors relevant in the market, such as prices, annual sales, customer satisfaction and functionality. The action plan described in detail in the rest of the competing marketing strategy should then be dealt with by each of these strengths and weaknesses. For example, if the company sells technology and found in its research that competition technology is slower, society will want to emphasize how quickly Totchnology S is in its ads and other marketing materials.
If the research of competition suggests that society is in most areas weaker and has no concrewA urgent advantage, its competitive marketing strategy could mean connecting with the competition. This could mean the purchase of competition or vice versa, or it could also mean converting competition into a client. For example, if the product is handmade postcards and its biggest competition is an established, manufactured card company, one company could offer to become a "own" arm of the other company that fills its orders on customized cards.