Company, competition, & corporatepartners
LO2: Company Capabilities:
Compare yourself to your competition to determine if your capabilities, resources and processes are good.
Identify and analyze direct and indirect competitors, including knowing their strengths, weaknesses, and likely reactions to the marketing activities their own firm undertakes.
Firms use competitive intelligence to collect and synthesize info about their position with respect to their rivals.
Enables companies to anticipate changes in the marketplace rather than merely react to them.
To analyze competition we use the top 3 or 4 market share or the herfindahl index metrics.
Share of mind: the percent of customers who name your brand when asked to name the first brand that comes to mind.
Share of voice: % spend on median in the total industry spent
Share of Research and Development: % spent on R&D in total industry spend.
Fimrs must work with other firms to create a seamless system to deliver goods and services to customers when and where they want them.
LO3: factors in the macroenvironment: CDSTEP or PEST
LO4: how they affect the business:
For Changes affecting a business:
Identify the major trends
Describe the dynamic processes driving the trend
Who will be the big winners and losers
How is trend affecting customer preferences