Week 1 DQ MKT Response

I’m studying for my Business class and don’t understand how to answer this. Can you help me study?

1st Response: Respond to peer in 175 words or more

When companies are beginning their brand and try to put forth product they decide how they are going to market and who they are going to market to. By checking all social media platforms or searching to see if another company is doing the same thing before marketing their product a company is able to see if their idea has been taken or not. Research, planning, and executing are all the first steps when considering a marketing plan. Deciding the audience determines how and what platform to use when deciding to get the word out to find possible sales. The type of audience, age group and gender play a big role in how to go forward in the process. If one finds that someone else has same product to sell chances are they have taken a look of how they are making their product noticeable and wanted. This is the time one would compare product, see the terminology used, and see they have presented the product to the people at large. Checking on the possible competition through search engines and social media platforms or billboards helps to see what else is out there to determine how another company can set themselves apart from everyone else.

Biggart, A. (2019, October 07). How To Identify Your Competitors: Your 6-Step Guide: Conductor. Retrieved September 18, 2020, from https://www.conductor.com/blog/2018/02/identify-competitors/

2nd Response: Respond to peer in 175 words or more

The company’s marketing team can identify newly emerging competitors by:

1) Survey: Conducting a survey on the customers, will help to understand why the consumers would prefer other companies goods and services over their own company’s products. This survey can be based upon: Consumer Preferences, Consumer Satisfaction, Consumer Expectations and Consumer Desires.

2) Similar Brand: Do a thorough analysis to find out companies that sell similar goods and services to the same consumers, for the same price.

3)Substitute Product: During analysis find out if there are any substitute products in the market, wherein the other company sells a product that gives the same benefit to the consumers that the product of your company does, but is not the same product.

4) Offers: Finding out what the other companies are offering to the same consumers will help to identify the competitors. Whether they are offering the same as your company or different. Offers can be free shipping, discounts etc.

5) Social Media: This is a fast growing platform to find out your competitors by knowing what the consumers like or dislike about the other companies, social media is where most of the population in the world communicate with each other.

Biggart, A. (2016). How to identify your competitors in 6 steps. https://www.conductor.com/blog/2018/02/identify-co…