how do marketers identify and analyze competition
TRANSCRIPT
How do marketers identify and analyze competition?
Identifying Competitor
Category Membership: The products or sets of products with which a brand competes and which function as close substitutes.
Some examples
PepsiCo knows that Coca-Cola’s Dasani is a major bottled-water competitor for its Aquafina brand
Some examples
Citigroup knows that Bank of America is a major banking competitor.
Petsmart.com knows a major online retail competitor for pet food and supplies is Petco.com
Some examples
Competitors can be examined from two points of view
•Industry: Products that are close substitute for one another
•Market: Companies that satisfy same customer needs
Analyzing Competitors
A company needs to gather information about each competitor’s strengths and
weaknesses
Once the company has identified its
main competitors
and their strategies, it
must ask:
• What is each competitor seeking in the maketplace?
•What drives each competitor’s behaviour?
Summary•Identifying Competitor•Two points of view for defining competitors•Analyzing Competitors•Inspect role of main competitors