What brands and products compete with yours
In this assignment, you’ll take a closer look at the marketing environment in which your company operates. Six specific areas to examine are: competitors, the economy, political forces, legal and regulatory forces, technology, and sociocultural forces, all of which affect the marketing plan you’re developing. You’ll also consider the role of social responsibility and ethics in your marketing plan.
Your first step in analyzing the marketing environment is to examine the competition. What brands and products compete with yours? How strong are these competitors, and what weaknesses do you see? Does your industry have only one competitor (a monopoly) because there are no close product substitutes or because of barriers to market entry? Does your industry have a few competitors with some barriers to entry (an oligopoly)? Or does your industry have many competitors and a lot of product differentiation (monopolistic competition)? How much of a role does competitive pricing play in your market(s)? Identify two specific competitors, and look at their strengths and weaknesses. What are the implications for your competitive strategy? Write two paragraphs about competition and the specific rivals you plan to monitor.
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