Question
Competition and competitors in marketing strategy
At the end
of units 2, 4, 6, 8 and 10 you need to reflect on the topics you have studied
and how you will be able to apply them to your personal and/or professional
life. You can also post reflections into the journal from the various
lecturecast activities throughout the module. Write a short (approx 300-500
words) Journal Entry to explain: The key things you learned during the last two
weeks. How can they relate to the workplace? How they can aid your personal and
professional development? Remember to be specific and give examples. Your
Journal Entry should be submitted to the Journal Tool below. Your tutor will
provide brief feedback on your submission. Unit 5: Competition and Competitive
Strategies One of the features of the marketing concept is the need for a focus
on competitors. Different types of competitor need to be identified, as do
their marketing strategies and their likely responses to one’s own
Expert Solution
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
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