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Marketing Essay

1098 words - 5 pages

Understanding Competition
In this era of global trade, each company tries to defeat their competitors. A competitor is the rival. Practically, whenever one talks about competition, emphasis is placed on price, quality of product, customer service and other marketing variables. From the business person’s perspective competition refers to rivalry among firms operating in a market to satisfy the same need of customer. The businessperson’s major interest is to keep the market to himself or herself by adopting appropriate strategies. How and why competition occurs, its intensity, and what escape routes are feasible have not been conceptualized. In other words, there does not exist a theory of ...view middle of the document...

Market research should be the very first point prior launching the product in market. As none of the country is identical with another country, taste, choice, preferences etc of consumer will differ. Research depends on category of product. Prior launching a product, it is essential for the marketer to go through the entire market gaining knowledge of competitors, consumer satisfaction level, prices etc. Hence, a marketer may have to modify its product to adjust in the environment of market. Once these research consumer of a country are ready to welcome the new product in market. At this stage, marketer’s major aim is to create awareness for its product among consumer. Role of marketing is crucial during this period where majority of marketing strategies are implemented in the market. Advertisement, Distribution Channel, Branding etc are some of the strategies a marketer can opt. Most companies tend to underestimate the market strength of their competitors and especially of new competitors from outside the traditional boundaries of the industry. In addition, many companies do a poor job developing a strong understanding of the unique cultures that exist within each country within which they do business. Many companies tend to stampede into new cultures without taking the time to learn about those cultures, the differences and similarities between the new markets and countries and the company's home country, and other countries in which it operates. The more a company truly understands the unique needs and desires of the new market, the more responsive it will be able to be to that market.
Branding is becoming more important in the Asia Pacific market today, with global brands creating severe competition for local brands, and the pace of change in the information age meaning product lifecycle are shortening dramatically. Truth is marketing starts from the inside out. Branding starts with your employees. If they are not reflecting your brand this could be diminishing your marketing efforts. Find out how to get your employees involved and behind your brand. Branding services rather than physical products creates some conceptual problems as “branding”, by definition creates a service out of physical product. Developing a brand involves more than just picking a catchy name and placing an ad in the newspaper--a brand is more than a unique string of letters denoting a particular product; a successful brand is a mnemonic trigger that makes a consumer feels a certain way when the brand is thought of. For those who drink...

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