Marketing Strategy
Competitor means any person or entity which is
a rival against another. In business, it is a company in the same or a
similar industry which offers a similar product or service.
Every business has competition. Even a small
business needs to compete with much larger companies. The presence of one or
more competitors can reduce the prices of goods and services as the companies
attempt to gain a larger market share.
Any business plan needs to provide full details
about its competitors. The purpose of the competitive analysis is to determine
and understand the strengths and weaknesses of the competitors and their
position within the market.
Strategies that will provide a business person
with a distinct advantage, the barriers that can be developed in order to
prevent competition from entering his market, and any weaknesses that can be
exploited within the product development cycle.
The first step in a competitor analysis is to
identify the current and potential competition. It also forms an important
input into the process of identifying and selecting strategic alternatives.
One approach is to attempt to exploit a
competitor’s weakness in an area where the firm has an existing or developing
strength. Acknowledging competitor strength is also important so it can be
bypassed or neutralized.
The marketing strategist should concentrate
upon sales, market share, cost and profit levels and how they appear to be
changing over time.
Knowledge of a competitor’s weaknesses can
often be used to great advantage by an astute marketing strategist.
Aiyan Thiruvalluvar says
நெடும்புனலுள் வெல்லும் முதலை அடும்புனலின்
நீங்கின் அதனைப் பிற. (495)
गहरे जल में मगर की, अन्यों पर हो जीत ।
जल से बाहर अन्य सब, पावें जय विपरीत ॥ (४९५)
जल से बाहर अन्य सब, पावें जय विपरीत ॥ (४९५)
Explanation by Scholars:
In deep water, a crocodile will conquer all
other animals. But if it leaves the water, other animals will conquer it.
தண்ணீரில் இருக்கும் வரையில்தான் முதலைக்குப் பலம். தண்ணீரை விட்டு வெளியே வந்துவிட்டால் ஒரு சாதாரண உயிர்கூட அதனை விரட்டி விடும்.
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