March 20, 2018

Competitive marketing strategy essay sample

Marketing strategy is flesh and bones of your business. However perfect your product or service was, you need a strong promotion campaign to sell it today. It is most likely that you have dozens of competitors in the market, and you have to work hard to go ahead. In other words, you need a competitive advantage which is a long-term plan prescribing how you would take over your competitors. Competitive marketing strategy usually implies one takes a defensive position in the industry and generates a greater Return on Investment. It is a must in competitive industries where consumers face identical products.

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Among the recent trends, marketers differentiate four types of competitive strategies. They are concentrated either around cost or differentiation and vary in scope. Broad competitive strategies are cost leadership and differentiation leadership. In cost leadership, the company gains competitive advantage by producing the cheapest product in the market. There is always some part of the market that would buy what is cheap. Differentiation leadership, on the contrary, creates a qualitative advantage. The company produces goods with a unique feature that differentiates them in the market. Narrow competitive strategies work in specific market segments. Costs focus allows keeping the prices low targeting on niche markets. Differentiation focus creates competitive advantage due to slight differences only clients in a niche market can notice.

Clearly, trying to change targeting and price their products differently, companies can gain a competitive advantage in the market. Otherwise, products must contain a unique distinctive feature to single them out on the market. Very often competitive marketing strategy is applied to products that are released just by every company in the market.

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