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Submit the Milestone One Worksheet. In this milestone, you will address the following:
Post 2 replies to the classmates below. Be constructive and professional, advancing the conversation with questions and examples.
In marketing it is important to be constantly researching and identifying the different and new competitors in the company’s industry. Using technology and social media to be able to identify new and upcoming competitors is ideal. Everyone is invested in technology and social media is one of the main sources that provides an individuals likes. Upcoming companies often broadcast their companies as adds in social media. This is also a good way to identify the targeted audience for each company. By identifying an opponents targeted audience, the marketing team can outshine the opponents audience with different methods of social media , adds on Television and radio, as well as billboard adds on the streets. Using a Catchy song such as the charming song that catches young people’s attention. Technology tends to provide more data to everyone such as how many people have visited a website, a trending phrase roaming around, the audience support towards a new company and so much more. With the web, a single person is able to find out what new trends are coming out as well as the products and locations of this new brand. Something that would take longer if an individual was to go out and physically visit places and spoke to people who can sometimes be difficult to interact with.
Competition is huge and can greatly affect how well your company may do in the market. That is why your company’s marketing organization must be able to identify newly emerging competitors with time to plan and execute a marketing strategy to combat the new competitor’s and the old competitor’s that are trying to respond as well. This calls for a plan.
Knowing who your competition is would be the best start. This is done by identifying your direct and indirect competitors. Your direct competitors are identified through market research, soliciting customer feedback, and by checking online communities on social media or community forums (Biggart, 2016). Identifying indirect competitors is done through keyword research, analyzing Google’s search engine results page, and by looking at paid data.
Now that you have done the work and know the competition then it is time to identify your marketing opportunities so you can use an effective marketing strategy to stay ahead of them. Your research should give insight to where they are aiming their efforts so you can decide where to concentrate your efforts that work toward your advantage and with your strengths. Pushing what areas is your company strong in and what areas the competition is weak in will help your company stand out and become more appealing. Knowing your weaknesses and how to respond when this is addressed needs a plan too. Know your angles and cover them.
There are many examples out where a company like Ford competes with Chevy. Ford pushes the JD Power awards it has received on the truck models while Chevy has commercials about being “the longest lasting trucks on the road”. Each have researched their competition and devised a counter to the others marketing strategies.
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