Developing Marketing Strategies and Plans - Essay Example

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Developing Marketing Strategies and Plans

The researcher states that marketers, that are using the industrial outlook need to realize that all companies providing similar products or services fall in the same categories. Marketers need to ask themselves 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 issue today, that is affecting marketing strategies and companies, that need to be aware 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. ...Show more

Summary

This essay aims to analyze and present the current business environment with the examples from the automobile industry. The researcher focuses on the analysis of the process how marketers identify primary competitors and ways of analyzing competitor’s strengths and weaknesses…
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