I have to provide an open subject assignment for competition and Market course, stared up with the competition and market analysis of (Airbus/ Boeing) and got stuck!
Any related NEW topics relating the competitive and Market course will be accepted.
Markets and competition
To say every company is interested in increasing sales and therefore profit is an understatement. For companies to do this, they must widen consumer bases and create markets. This is not easy, especially not in a global market such as those in which companies operate today. The best labor force, the most valuable management, the latest, most efficient technology means nothing without the customers to buy the products or services of the company.
For companies to compete, they must have a product, but they also have to know and understand the competition. The competition can be companies that offer the same products or services, or alternatives and substitutions to the offerings of one's own company. For example, a clown service for a party might have other clowns as competition, but also alternatives such as magicians, or substitutes such as bounce houses or ponies.
Further issues for companies include having to compete in different markets with different consumers, with different needs. Additionally, there may be different regional or local companies to deal with. Knowing and developing a company's core competencies for use in the competitive environment, is one way to deal with both marketing and competition. If the core competencies are known and exploited, then the company can market their products based on those competencies. The company can create their brand identification based on the value their competencies bring to the market. A company with an excellent customer service reputation will build on their employees knowledge and technical expertise. A company that offers up to date technology can create brand through their technological skills.
How to understand the market and the competition means performing scans of the environments of the company. These scans, internal and external, will help identify the company needs and the direction the company should move. These continuing scans can keep the company flexible, see issues before they become problems, and make the company better able to react on potential threats or opportunities. These scans also include a standard table called a SWOT (Strengths, Weaknesses, Opportunities, Threats). Using a SWOT can help focus company management on the company's competencies and the outside, external issues including competition. This SWOT should also be part of the company's strategic planning, basing upcoming plans on what the markets are doing and how competition is moving forward.
Scans help to identify markets and demographics within those markets. The scan can help identify new products, changes and innovations consumers want and competition is supplying, and help develop new directions for research and design. Customer demands and trends are identifiable with regular external scans. Production schedules are easier to create when the company knows what type of demand is going to appear and when.
An outline of the competition between Boeing and Airbus in emerging countries.