Marketing Management Analyzing outcomes from previous months is a helpful step i

Question

Marketing Management
Analyzing outcomes from previous months is a helpful step in refining projections and a process. Discuss the importance of evaluating the competition and continually refining your position in the market to maintain an advantage. Marketing Management
Analyzing outcomes from previous months is a helpful step in refining projections and a process. Discuss the importance of evaluating the competition and continually refining your position in the market to maintain an advantage.
Analyzing outcomes from previous months is a helpful step in refining projections and a process. Discuss the importance of evaluating the competition and continually refining your position in the market to maintain an advantage.

Explanation / Answer

In terms of strategic marketing management, an organization should develop its marketing program so as to gain competitive advantage in the marketplace. It means your segmentation; targeting and positioning practices should be unique one so that competitors cannot copy the same. A marketer should decide its next month target on the basis of previous month achievements. It gives realistic figures to achieve.

Knowing the competition in the market will be an advantage as one can position its offering as per the trend set by the competitors. Even, marketing mix (4Ps, Product, price, place and promotion) can be designed accordingly which will suits the target customers.

Industry analysis (Michael Porter) can be done on the core dimensions to know the level of competition in the industry. These parameters are

1) Knowing the bargaining power of suppliers

2) Knowing the bargain power of buyers

3) Rivalry among various firms

4) Threat from new entrants

5) Threat from substitute products

Even, A benchmarking practice can be involved in which we compare our progress and quality with top performer in the industry. It helps us to position better in the market.

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