Saturday, May 16, 2020

Marketing Analysis Marketing Strategy - 1546 Words

For instance, deciding on a product line/range requires that the marketing strategist have a definite understanding of all relevant contender items (as well as the corresponding pricing structures) with a specific end goal to establish appropriate juxtaposition and comparison and decide on suitable business choices for diversifying. Competitor analysis is a crucial part of marketing strategy. It is sometimes said that some firms don t lead this sort of investigation deliberately enough. Rather, some ventures work on what is called casual impressions, guesses, and instinct accordingly, which can lead to what marketers refer to as blindspots that can derail an organisation. Stephen Philips from market research agency Tonic says: â€Å"Last†¦show more content†¦However, that information barely touches the surface, and it doesn t provide the necessary insight on competitors that can appropriately inform business strategy. If US B2B firms want to successfully counter the competition, a more in-depth analysis of the marketplace is required†. Whilst this may be true of a minority of incompetent marketing analysts and small time entrepreneurs who cannot afford a decent marketing professional the fact of the matter is that the majority of marketing professionals take competitor analysis extremely seriously and are very diligent in doing so. Philips neglected to give examples of the businesses he supposedly surveyed nor did he indicate how many businesses he surveyed. Considering he is a market research professional (probably looking to obtain more work) one must take his findings with a grain of salt. However he is correct in saying that businesses must do a competitor analysis if they are serious about succeeding. During the past two weeks I have surveyed 20 UK B2B companies (including Shopkit Ltd, Elesa, Industrial Cranes and Parts) and they all confirmed that they do detailed competitor analysis. Some of them have a dedicated marketing department and most of them have hired a marketing agency to do various marketing acti vities including a competitor analysis in the past two years. Shopkit’s managing director said that it is crucial to know the competitor’s strengths. He goes on to say that in terms of strategy he has

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