I’m trying to study for my Marketing course and I need some help to understand this question.
1.Respond to the following in a minimum of 175 words:
How can a company’s marketing team ensure they identify newly emerging competitors quickly so the team can plan and execute an effective marketing strategy in response to these competitors?
2. Respond to the following classmates:
1 hour ago, at 5:53 PM
A company’s marketing team can identify newly emerge competitors by doing research. First, they must know their products or service and then figure out who their competitors are. Once you have established the products or services, and your competitors in the market, then the marketing team can research information where most of their competitor or businesses will be marketing their product too. I would think the best way to find this kind of information is to find what kind of service the competitors are using. For example, the competitors could be using social media, advertising their products on certain websites such as Amazon or YouTube, television commercial, radio commercial, and billboard advertisement. Other ideas to identified competitors quickly are to use software to track competitors. The marketing team can view if their competitors are doing good in sells and if they are, the marketing team can come up with better ideas to market their business products. The market team can conduct a survey to customers and competitors. By conducting a survey, the marketing team can make better decisions in providing the right product to customers’ needs and wants. If customers are satisfied with the product, then the business will continue to increase production sells.
3. Respond to the following classmates:
2 hours ago, at 4:22 PM
A company’s marketing team can ensure they identify newly emerging competitors quickly by using technological and social resources to their advantage. A company’s marketing team should constantly be checking websites, social media and brick and mortar stores to research products coming on the market, products selling and products not yet out there.
A lot of marketing is being seen on social media at this time, marketing departments should be vigilant in this media to see competitors marketing strategies and promotions to determine how to best counter these strategies. Social media is also a good place to see consumers reactions to these strategies. Consumers are very vocal on what they like and don’t like.
Marketing departments should also be using focus groups to determine what works and what doesn’t for their products.
I work in retail and I wish that the marketing department would ask the people selling their products what is working for us and what isn’t. I feel that the sales people are an untapped resource for us. We are the front line and the ones talking to consumers on a regular basis. We have a wealth of information not being used.