1. Identify your competition and explain why and how they are your competition.
ID: 469351 • Letter: 1
Question
1. Identify your competition and explain why and how they are your competition.
2. Create a brand for yourself that distinguishes you from the competition.
3. Create a positioning statement for yourself.
4. Post your work here and Be sure to provide in-text citations and references in APA style for all your work
Hints:--
1. Competition, Brand and Positioning for a candidate in the market is the overall objective of this task.
2. Who are your competition? List them as 1, 2, 3 and then explain why they can compete to get the position you are aiming for.
3. What is your brand? We need a word describing you, or a short phrase.
4. Poisitioning statement is a sentence that supports how you justify your chosen Brand.
Explanation / Answer
Competition is the part of any business. No organization can sustain without competition. Knowing the competition and the competitors can be challenging but it can surely help the organization to achieve the best. They can help the organization to reap the best services available for them as well as they can deliver effective customer service, reduce the churn rate, increase the customer retention and develop the products and services in the market. Prices play an important role in determining the competition. And if you are able to understand the competition you will be able to develop the marketing strategies for your firm.
Competition can be very challenging and businesses needs to work effectively to overcome this challenge. Competition doesn't necessarily mean it will be a firm or a new business any kind of new products or services in the market can be a competition. A possible new competition could be anything, for example, if I have started a shoe manufacturing company, there can be many shoe manufacturer apart from Nike and Reebok. Doing a research on the business entities won't help. Again, substitutes play a vital role. There are many firms in the market who are producing substitutes. So, a keen research needed on this. There can be many kinds of competitors, like a new firm, a new product, services, advertisement strategies, exhibitions, fairs, etc.
As I have mentioned that I am a shoe manufacturer. So, my competitors are local shoe companies, Nike, Reebok, Puma and other local brands as well. They are my competitors as they are trying to reduce my revenue and profit margin. I am sharing the same market as they are. They provide the same products and services as my firm does. Apart from these the manner of operation and production facilities are also same. We all have the same range of customers. To analyze a competition factor, we have to understand the customers view point. Even most of the firms are using the same raw materials as my firm. The workers over in those firm have the same skill set as compared to my firm. I would say there is a competition in the labor market. There is a stiff competition in the factor of production. The cost of the production becomes very challenging. And next, the marketing strategies are not that innovative. Almost all the firms have same or near the same brand values or marketing skills.
The brand which I manufacture has the clear and distinct advantages in terms of pricing, advertising, durability, reach, comfort, distribution and innovative. We are very concerned about the environment and our products are bio-degradable and recyclable. My firm has a huge advantage over the labor as most of the employees are highly satisfied with the work culture. We don't follow the hire and fire policies like our competitors do. My firm believes in "Cheerful Home", so does our products. And the next big thing which we follow is Innovation. We give value to every single employee in our firm to Innovate, research and develop their skills in designing and customer services and production technology.
Positioning Statement: An Innovator in the industry providing goods and services for all the races and religions in the world.
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