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How do marketers identify and analyze competition
This document discusses how to identify and analyze competition. It explains that competitors are products that closely substitute a brand and compete for the same customers. To understand competition, a company should determine what category their brand belongs to and gather information about competitors such as their objectives, motivations, and factors that influence their behavior. The overall goal is to understand existing and potential future competitors to help a brand, especially ones with growth ambitions, enter new markets.
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How do marketers identify and analyze competition
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- 4. Determining Category membership The productsor sets of products with which a brand competes and which functions as close substitutes.
- 5. For a brandwith explicit growth intentions to enter new markets , an aspirational competitive frame may be necessary to reflect possible future competitors.
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- 10. What is eachcompetitor seeking in the market place? What drives each competitor’s behaviour? Factors that shape a competitor’s objectives?
- 11. Manodhar Allu National Instituteof Technology, Jamshedpur.