MKT 421 Marketing Week 2 DQ 2 What is competitive intelligence? What is the importance of competitive intelligence and analysis in modern-day marketing? How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? MKT 421 Marketing Week 2 DQ 3 What are the different types of buyers and consumers? How does the type of buyer or consumer affect marketing strategy?
This will include a SWOT analysis and a synopsis of the most competitive brands vying for market share with Fitbit Ultra. Analyzing the target markets and their potential for best customer impact is explored as well. The report will explore branding and services regarding the Fitbit Ultra and the website Fitbit.com. Pricing is a vital component of any market report, so details will be presented with promotional information followed by marketing potential. Concluding information and recommendations will summarize the outcome of this research project on the Fitbit Ultra.
SWOTT Analysis For Scents & Things to perform a SWOTT Analysis, the company has to answer the following questions about the company’s strengths; the advantages, resources, strengths in the market, and what does the organization do better than the competition. When the organization reviews its strengths this should be done from an internal and external perspective, assessing the customer’s views and incorporating the competitions. Once the strengths are found for the
By fully managing the organization and their effectiveness and efficiency Kundlers can obtain the overall business intelligences goal of the mission. The marketing strategy should look at and use a competitive intelligence to accomplish these goals. The strategies of understating and knowing productive organization can give the upper hand with knowing the competitors market. Also by viewing the competitor’s sites, stores, and marketing strategies Kundlers can achieve the mission they set for their own business to excel past the competition. Analysis within a business should serve as a vital function.
“Competitive Intelligence is the ethical gathering and analysis of competitor and market information from open sources. This analysis is used by organizations to make better strategic decisions.” (Cipher, 2012). Competitive intelligence and analysis is important because it provides a method that Kudler Fine Foods can use to assess and evaluate the marketing tactics that are successful for their competitors. By employing competitive intelligence Kudler Fine Foods can gather information concerning their competitors marketing strategies and then use that information for their own advantage by incorporating certain strategies that will fit into their marketing plan. Competitive intelligence will also allow Kudler Fine Foods to gain knowledge concerning certain trends, such as legal, environmental, industry, international, regulatory, and economic, which they can use to further develop successful marketing strategies and
• Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness. Week Two: Marketing Research • Justify the importance of marketing research in the development of marketing strategy and tactics. • Analyze the importance of competitive intelligence and analysis in marketing. • Identify various segmentation criteria that impact target market selection. • Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions.
M1 - Explain how promotion is integrated with the rest of the marketing mix in a selected organisation to achieve its marketing aims/objectives. Businesses may have several marketing aim and objectives which are met through the integration of marketing techniques e.g. promotion and the marketing mix. Companies like M&S operate on a global basis therefore their aims and objectives may differ for regions, however the main aim for each company would be to inform the market, increase demand and differentiate the product/service. Marketing objectives of Marks and Spencer is to ensure consumers are better informed about the products/services they provide.
To help with the positioning of a brand or product a company can use perceptual mapping. Perceptual mapping is a “visual representation of the customers’ perception of the brand” and is as important part or market strategy and planning (Apollo Group, 2004). There are various attributes of a perceptual map including lifestyle image. The attributes of the product are displayed on the axes of the perceptual map. A customers lifestyle plays a major role in the type of products purchased and the price her or she is willing to pay.
The three key elements of product positioning strategies, competitive advantage and value propositions are integral in the successful marketing of the product and as seen from the examples throughout the essay are how major cooperation’s effectively differentiate their products from the other leading offerings from other brands. Thus the conclusion is drawn that for a company to gain maximum competitive advantage and take majority share of a market the corporation marketing the product must differentiate their product from the competition in order to create value for customers and in turn create profit and customer equity. (Armstrong, Adam, Denize and Kotler,
Defining Marketing Roger Burnham MKT 421 June 3, 2013 Robin Reis Defining Marketing Marketing’s role in business begins when an individual or company develops a product or service that satisfies the needs of others. One will discuss his or her definition of marketing, and the business definition of marketing. The success of marketing as determine by these definitions, and three companies that apply these methods successfully. Definition of Marketing One’s definition of marketing is promoting the products or services of the company that will enable the company to become profitable. William Perreault “defines marketing as the performance of activities that seek to accomplish and organization’s objectives by anticipating customer