MARKETING MANAGEMENT Chapter 11 Dealing with Competition
1 MARKETING MANAGEMENT Chapter 11 Dealing with Competition
LEARNING OBJECTIVES After reading this chapter, students should: Know how marketers identify primary competitors Know how we should analyze competitors strategies, objectives, strengths, and weaknesses Know different competitive strategies for market leaders market challengers market followers nichers
2 LEARNING OBJECTIVES • After reading this chapter, students should: – Know how marketers identify primary competitors – Know how we should analyze competitors’ strategies, objectives, strengths, and weaknesses – Know different competitive strategies for • market leaders • market challengers • market followers • nichers
Competition 3Cs framework Success Customer Company Competitor Scanning the marketing environments Competition is ubiquitous
3 Competition • 3Cs framework – Customer – Company – Competitor • Competition is ubiquitous
Competition is All the actual and potential rival offerings and substitutes the prospect or buyer might consider Four levels of competition Those offering similar products or services(BMW and mercedes Those with products in the same general class or industry(B/W and Honda) Those offering alternative means of solving a similar need (cars vs. bikes Those competing for the same consumer dollar(car vs vacation)
4 Competition is • All the actual and potential rival offerings and substitutes the prospect or buyer might consider • Four levels of competition – Those offering similar products or services (BMW and Mercedes ) – Those with products in the same general class or industry (BMW and Honda ) – Those offering alternative means of solving a similar need (cars vs. bikes ) – Those competing for the same consumer dollar (car vs. vacation )
Identifying Competitors Competitors can include All firms making the same product or class of products All firms making products that supply the same service All firms competing for the same consumer dollars Competitor myopia refers to a firm focusing on what it considers to be its direct competition and not being aware of indirect or new competitors
5 Identifying Competitors • Competitors can include: – All firms making the same product or class of products – All firms making products that supply the same service – All firms competing for the same consumer dollars • Competitor myopia refers to a firm focusing on what it considers to be its direct competition and not being aware of indirect or new competitors