Join Drew Boyd for an in-depth discussion in this video Researching the competition, part of Marketing Fundamentals.
…Marketing would be relatively easy, if it were not for…the fact that you always face some type of competition.…A competitor is anything that wants the same thing that you do.…It can be an individual, a company, or even a completely unrelated…activity that distracts your potential customers away from you.…You need to understand your competition for a lot of reasons.…First, you need to know which ones to focus on, and which ones to avoid.…
You want to stay away from a competitor if they are much stronger than you.…If you take customers away from a stronger competitor,…you may trigger a reaction from them that you aren't prepared to handle.…The intensity of competition will affect the overall potential for…success of your business.…This is why it's important to consider all types of competition when planning your…business, to ensure that you have the edge over others in your industry.…You need to compare your strengths and…weaknesses to theirs to see how you match up.…
This will help you select the right strategy to win.…
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success
Skill Level Beginner
Understanding Marketing's Role
Analyzing Your Business
Developing Your Strategy
Developing the Tactical Phase
Aligning the Organization
Launching and Measuring Your Plan
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