To plan effective competitive marketing strategies, the company needs to find out all it can about its competitors. It must constantly compare its products, prices, channels and promotion with those of close competitors. In this way the company
Steps in analyzing competitors
Steps in analyzing competitors can find areas of potential competitive advantage and disadvantage. It can launch more effective marketing campaigns against its competitors and prepare stronger defences against competitors' actions.
What do companies need to know about their competitors? They need to know: Who are our competitorsV What are their objectives? What are their strategies? What are their strengths and weaknesses? What are their reaction patterns? Figure 12.1 shows the main steps in analyzing competitors.
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