How do marketers identify and analyze competition?

How do marketers identify and analyze competition?

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  2. How DoMarketers Identify And Analyze Competition?
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  DETERMINING THE COMPETITION The competitiveframe of reference defines which other brands a brand competes with and therefore which brands should be the focus of competitive analysis.
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  First we determinecategory membership- the products with which a brand competes and which function as close substitutes.
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  But the listisn’t so obvious. Besides the usual competitors, there are emerging companies and Technologies.
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  There are 2points of view to examine Competition 1. Industrial view 2. Market view
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  Industries are groupof firms making similar products.
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  Using the marketapproach we define competitors as companies that satisfy the same customer need.
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  A company needsto gather information about each competitor’s strengths and weaknesses. The firm should also ascertain the strength and objectives of its primary competitors.
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  IDENTIFYING: 1. PONTS OFDIFFERENCE PODs are attributes that consumers strongly associate with a brand and believe they could not find to the same extent with a competitive brand.
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  Point-of-Difference Criteria Desirable to consumers Deliverableby the company Differentiating from competitors
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  2. PONTS OFPARITY Category pops represent necessary-but not sufficient-condition for brand choice Competitive pops are associations designed to overcome perceived weaknesses of the brand
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  HOW TO CHOOSEPOPs AND PODs? By focusing on brand benefits which are supported by brand attributes.
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  PERCEPTUAL MAPS  Visualrepresentations of consumer perceptions and preferences.  Provide quantitative portrayals of market situations.  Provide ways by which consumer view different brands along various dimensions.
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  Hypothetical Beverage Perceptual Map: CurrentPerceptions Hypothetical Beverage Perceptual Map: Possible Reposition For Brand A
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  CREDITS  http://www.fontsquirrel.com/  https://images.google.com/ https://evernote.com/skitch/  http://www.colourlovers.com/  Marketing Management : A South Asian Perspective 14th Edition (English)
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  That’s all! Thank you!
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  Created by Aditya Goel,IIT Roorkee, during an internship by Prof. Sameer Mathur, IIM Lucknow. www.IIMInternship.com