Marketing Strategy and Competitors
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How can a company's marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to to these competitors?
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How can a company's marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to to these competitors?
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This is a very interesting topic, and the key to staying aware of what is going on with competitors is to keep up-to-date with your research. It is very important to continuously read up on your industry (journals, trade magazines, conferences), and be active in all industry activities (seminars, conferences, lectures).
The goal of your competition is to produce a product or offer a service that you do not offer (that is related to your core business strategy). Or, they might try to enter in on your industry, and offer similar products or service that you offer.
In the case where new competition emerges that offers the same service that you offer, you need to immediately start a promotional or PR campaign. This campaign should stress the fact that you have the experience, the knowledge, the expertise - the new player is just starting and might not have the same resources that you have. This is a preventative campaign. Hopefully, you are able to run this campaign before ...
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