How do marketers identify and analyse competition
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Transcript of How do marketers identify and analyse competition
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How do marketers identify and analyse competition?
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Identifying Competitors
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Start with
Category membershipDetermining products or its substitutes with which a brand competes
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Vs
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Vs
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Simple??
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Marketers “ Competitors are companies that satisfy same customer need”
Market Myopia
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Coca-Cola focused on soft drink business and missed seeing the market for juice bars and Coffee bars
Stop defining competition in traditional category
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Be aware of Emerging competitorswith new technologies
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Mapping the buyer’s stepsin obtaining and using the product
Key to profile Direct and Indirect competitors
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Analysing competitors
Know about your competitor’s real and perceived
Strengths and Weaknesses
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Identify your competitors
Strategies
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Most importantly find out their
objectives
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Recap
Identifying competitors Category Membership Market Myopia Analysing Competitors