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 firm’s
strategies. There are many reasons for needing to understan
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.
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