competitive analysis

Anonymous
account_balance_wallet $10

Question Description

Part 1 of 2:

Prepare a 4 page competitive analysis by examining one to two competitors to your product or service. Identify the direct competition to your product or service and analyze their strategy, objectives, strengths, and weaknesses. Conduct a competitive analysis on both the industry and market of your chosen product or service. See the CLA 1 Part 1 of 2 GUIDE TO COMPETITIVE ANALYSIS. (Provide at least 2 references in addition to the textbook.)

Part 2 of 2:

Prepare a 3 to 4 page marketing strategy based on the elements of the 4 P's used in your chosen product or service. Review the CLA 1 Part 2 of 2 GUIDE TO THE MARKETING MIX ANALYSIS, which can be found in the GAP portal in the course resources. Write about the product you selected in Week 2 ( I have chosen AT&T as my product in week 2) . The marketing mix is the 4 Ps (product, place, price, and promotion) and each element should be addressed in the report. You may use the "7 Ps” if applicable to your service selection.

Use sources in addition to your textbook, and provide citations. For example, reference The Wall Street Journal, The New York Times, and other major news/business publications that contain articles about your chosen product or service. Please make use of other business books and sources that deal specifically with your product, industry or market segment. Additionally, www.census.gov is a great resource for demographic information.

Unformatted Attachment Preview

GUIDE TO COMPETITIVE ANALYSIS (Use with CLA 1 Part 1 of 2) While most of the marketing process is concerned with meeting the needs of customers, it is extremely important to identify and understand your competitors. The development of your marketing mix strategy will be heavily influenced by what strategy your competitors are using. You will learn there are two types of competitors, direct and indirect. Direct competitors offer consumers a product that is almost identical to yours. Indirect competitors offer a different product that meets the same consumer needs as your product, only in a different way. For example if you make Frito Lay potato chips, you are a direct competitor might be Pringles potato chips, while your indirect competitor might be Orville Redenbacher popcorn. Both appeal to the consumer need for a snack food that Frito-Lay does - Pringles with an almost identical product, Redenbacher with a different product. The competitive analysis of your chosen product consists of two parts: I. II. I. II. Industry analysis Competitor analysis Industry analysis a. The industry concept: an industry is a group of firms that offer a product or products that are substitutes for each other. i. Identify the major companies (select 1 or 2) in your product’s industry. ii. Discuss the nature and strengths of competitive threats by firms that are defined as competitors (select 1 or 2). Competitive analysis Identify your products major direct competitors. This group will be referred to for other parts of this assignment. For each direct competitor, identify its: a. Strategies: determine the nature of competitive strategies in your industry. b. Objectives: are your products direct competitors looking to maximize sales or profits? Are they trying to gain market share or a new target market? What are they trying to accomplish? c. Strengths and weaknesses: classify each identified competitor according to strength and weaknesses and justify your answer. You should not exceed 2 competitive companies. i. Do some research to estimate the size of the current market for your product and the market share for your company and market share for each of your identified competitors. ### GUIDE TO THE MARKETING MIX ANALYSIS (CLA 1 Part 2 of 2) Kotler defines marketing mix as: A set of tools that the firm uses to pursue its marketing objectives in the target market. These tools are classified into four broad groups, called the ‘four P’s’ of marketing, or the marketing mix. Each P has a number of variables to it. The marketing mix includes: product, place or distribution and supply chain, price and promotion. How will each one be effective and how will they work together in your marketing plan? By selecting and defining how and which marketing P components are used, marketers create a marketing mix that positions and differentiates their product in the marketplace. Prepare a 3 to 4 page marketing strategy and competitive analysis by examining the variables of the 4 P’s used in your product or service. Identify which variable of each P was used and explain how it was used. For example, one of the variables under product may be quality. If the retail price of the product/service is less than most comparable products, you can safely assume that the marketer decided to go with a lower quality product. Another example under the product variable is brand name. Look at the name of your product. Does it use a brand name similar to other products make by the company or a totally new name? For example, when Gatorade launched their new bottled water, they called it Propel, and not Gatorade Water. These are the types of questions to address in this analysis: How is the product ‘positioned’ (or perceived by the consumer as compared to the competition) in the marketplace? What perception of the product is the manufacturer trying to put into the consumer’s mind? How is it differentiated from similar products produced by the competition? ...
Purchase answer to see full attachment

Tutor Answer

SeniorIvywriter
School: New York University

4P's
by Senior Tutor

Submission date: 30-Mar-2019 01:11PM (UT C+0500)
Submission ID: 1102566645
Fi...

flag Report DMCA
Review

Anonymous
awesome work thanks

Similar Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors