Developing Marketing Strategies and Plans Essay

Developing Marketing Strategies and Plans - Essay ExampleMarketers also need to be careful about their cost structures. Companies that be to ingest firm control over their cost especially in relation to industry requirements are the primary competitors. Also, if a company operates in an industrial that is largely international, and then chances are that the most competitive companies are the ones who have a well established global markets and they qualify as primary competitors. On the opposite hand, some companies whitethorn be operating in industries with high levels of vertical integration. For instance, a company liaises with its suppliers to create a larger market force. such(prenominal) companies end up dominating the market and therefore qualify s primary competitors. (Hope, 1997) The cable car industry is affected by cost structure. It can be argued that they spend most of this cost on production and advertising. In the nineties, Honda managed to establish a name for its elf especially in the US market because it invested in revolutionary technologies. Consequently, its products were superior to those ones offered by other competitors such as Toyota and it became a primary competitor for Toyota. The second approach that companies can use to identify their primary competitors is by means of marketing. In this approach, companies need to look out for those companies that satisfy the same needs that they do. The current market has changed drastically. Primary competitors are not just those companies offering the select same things offered by the company they are firms that can serve similar needs. This approach requires that marketers trace all the captivities involved while using their product and then examine what other firms perform the same... The researcher states that marketers, that are using the industrial outlook need to realize that all companies providing similar products or services pearl in the same categories. Marketers need to ask th emselves whether their companies represent the monopolistic structure, oligopolistic structure, monopolistic competition structure or pure competition structures since each of these structures will have different primary competitors. The first structure is made up of only one company providing a particular good or service. Such companies may not need marketers as they dominate the market. Oligopolistic structures may have some competitors in the market but they are fe in number. On the other hand, monopolistic competition applies to those who specialize in certain products. This category has to identify their competitors. Lastly, there is the pure competition structure where all competitors offer the same products. The automobile industry, that was discussed as an example in this essay can be classified under the pure competition sector but there may be instances when it also falls under the monopolistic competition structure. The essay suggests that the competition became a major i ssue today, that is affecting marketing strategies and companies, that need to be certain of this. Market followers can adopt leaner production strategies and reduce prices of common products. Market challengers can use price, distribution, promotion and product innovation as ways of maintaining competitive advantage.