Competition and Competitors in Marketing Strategy

Competition and competitive strategies are used in marketing to advance company goals. As a result, the objective of marketing is to increase the client base and, therefore, revenue for a company. People must oppose the marketing initiatives of any companies that offer comparable goods or services in competitive industries. To put it another way, one needs to create a competitive edge. Otherwise, while your company fails, other companies will prosper. Many economic systems employ a competitive approach. Many businesses use competitive techniques to maintain and boost their profits and grow their businesses. Therefore, it is critical to understand how features of marketing concepts correlate with competition and competitors as a means to personal and professional development.

Companies use several tactics regarding product improvement, price, values, advantages, and other factors in their race to develop items that satisfy the wants of their consumers. Still, the truth is that rivals only enter a market area after it is profitable and feasible (Yanuarti, 2019). A corporation requires a carefully thought-out competitive strategy at that time to maintain its lead and generate revenues. Now, a business has a variety of options for doing that. First, they can provide things at lower prices than their rivals (Yanuarti, 2019). They can offer goods that no competitor can match in terms of value. As a result, there are various examples based on the characteristics of a marketing advantage, such as cost leadership, where superior quality products at a fair price encompass all the qualities of acquiring a competitive edge in the market (Santalova et al., 2020). Therefore, various tactics can be used to satisfy customers' wants to gain a competitive advantage.

It is critical to understand how features of marketing concepts correlate with competition and competitors as a means to personal and professional development. Marketing aims to expand a company's customer base and, consequently, its income. As a result, many companies use aggressive tactics to preserve and increase their earnings and expand their operations. However, to sustain its advantage and make profits at that time, a firm needs a thoroughly considered competitive strategy. As a result, several methods may be implemented to meet client requirements to provide businesses with a competitive edge.

Reference list

Santalova, M., Soklakova, I. and Balabanova, D., 2020. The choice of the competitive strategy of the company. Proceedings of the international scientific conference "Far East Con" (ISCFEC 2020),.

Yanuarti, D., 2019. Mediating role of competitive strategy and marketing capability on the relationship between entrepreneurialorientation and market performance. [online] Journal.unnes.ac.id. Available at: https://journal.unnes.ac.id/sju/index.php/maj/article/view/26254 .