Description
The 'marketing orientation' is perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes.
The 7 Keys to Marketing Success
The 3rd Key – Know My Competition
?
Competition Defined:
– Anyone (or anything) that can impact your business.
?
3 Primary Types of Competition
– Direct – Indirect – Variable
The 3rd Key – Know My Competition
?
Direct Competition
– Businesses who offer the same (or very similar) product/service. – Compete in the same marketplace as you
?
Example:
– Mexican Restaurant competes with other Mexican Restaurants – Also competes with all other local restaurants
The 3rd Key – Know My Competition
?
Indirect Competition
– Businesses who compete for the same “Budget Dollars” – Regardless of what they “actually” sell
?
Example:
– Eating out is part of “entertainment budget” – Movies, DVD Rentals, Live sports & entertainment all compete for these budget dollars
The 3rd Key – Know My Competition
?
Variable Competition
– Any EXTERNAL factors that could negatively impact your business
?
Example:
– Non-competitor entering your marketplace – Garbage strike – Transit labor dispute
The 3rd Key – Know My Competition
?
SWOT Analysis
– Strengths, Weaknesses, Opportunities, Threats – Complete SWOT on each type of competitor
? Their weaknesses are your opportunities ? Their strengths are potential threats to you
– Complete SWOT on your own business
? Where are you strong and weak? ? Where might you fail internally?
The 3rd Key – Know My Competition
?
In Summary
– 3 Types of Competition
? Direct ? Indirect ? Variable
– Beware external factors that could come from left-field to disrupt your business – Be adaptable and you will be successful
The 7 Keys to Marketing Success
FREE Video Training Series www.MakeMyMarketingWork.com/mmmw.html With Paul Keetch Co-Author, Make My Marketing Work
doc_724027154.ppt
The 'marketing orientation' is perhaps the most common orientation used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes.
The 7 Keys to Marketing Success
The 3rd Key – Know My Competition
?
Competition Defined:
– Anyone (or anything) that can impact your business.
?
3 Primary Types of Competition
– Direct – Indirect – Variable
The 3rd Key – Know My Competition
?
Direct Competition
– Businesses who offer the same (or very similar) product/service. – Compete in the same marketplace as you
?
Example:
– Mexican Restaurant competes with other Mexican Restaurants – Also competes with all other local restaurants
The 3rd Key – Know My Competition
?
Indirect Competition
– Businesses who compete for the same “Budget Dollars” – Regardless of what they “actually” sell
?
Example:
– Eating out is part of “entertainment budget” – Movies, DVD Rentals, Live sports & entertainment all compete for these budget dollars
The 3rd Key – Know My Competition
?
Variable Competition
– Any EXTERNAL factors that could negatively impact your business
?
Example:
– Non-competitor entering your marketplace – Garbage strike – Transit labor dispute
The 3rd Key – Know My Competition
?
SWOT Analysis
– Strengths, Weaknesses, Opportunities, Threats – Complete SWOT on each type of competitor
? Their weaknesses are your opportunities ? Their strengths are potential threats to you
– Complete SWOT on your own business
? Where are you strong and weak? ? Where might you fail internally?
The 3rd Key – Know My Competition
?
In Summary
– 3 Types of Competition
? Direct ? Indirect ? Variable
– Beware external factors that could come from left-field to disrupt your business – Be adaptable and you will be successful
The 7 Keys to Marketing Success
FREE Video Training Series www.MakeMyMarketingWork.com/mmmw.html With Paul Keetch Co-Author, Make My Marketing Work
doc_724027154.ppt