The paper "Marketing Decision Makers in a Firm Must Constantly Monitor Competitors' Activities " is a perfect example of marketing coursework. The marketing function is an important function in the success of any organization. There is increased competition in various industries and the succeeding organization should have effective strategic marketing. There are various changes which are taking place in the market like change in technology and competition which influence the marketing strategy which should be implemented. Marketing, therefore, helps an organization to achieve its corporate goals and objectives if it is well designed.
The main elements which are considered in marketing include the products, place, price and promotion. These elements constitute an effective marketing strategy (Bernd & Lia 2013). The marketer should be able to monitor the competitors in terms of the product, place, price and promotion. This will help to develop a marketing strategy which is unique from those of the competitors. This essay will, therefore, discuss the marketing mix and its significance in the organization as compared to the competitors. The marketing mix The product The marketer should constantly monitor the products of the competitors.
The marketing decision makers should be able to focus and monitor how the competitors are developing their products to meet the needs of the customers. They should be able to monitor how the competitors are modifying their products to meet the needs and demands of the customers (Blythe 2001). The decision-makers should be able to assess the features of the products developed by the competitors which can satisfy the customer demands. In addition, the decision-makers should be able to understand how the competitors are able to develop products which can be used in different places depending on customer satisfaction.
Since the market is divided into different segments, each segment has its own specifications (Brassington & Pettitt 2002). This will help the decision-makers to make product decisions which will help to satisfy the demands of the customers in different markets which will lead to competitive advantage due to better quality services provided to customers. The decision-makers should also understand how competitors are branding their products. This is an important aspect because it helps the company to brand their products which will be attractive to the customers.
Branding itself can influence the buying behavior of the customers since they will be able to differentiate the products from those of the competitors (Ziethmal & Bitner 2003). A strong brand name is associated with good quality products or services provided to the customers. In addition, the decision-makers should be able to assess hoe the competitors differentiate theory products from other products in the markets. For instance, the marketers should be able to understand how the competitors call their products and what they do to make them unique from those of the competitors.
This will help the decision-makers to come up with better differentiation strategies (Ellwood 2002). The place This is the element which is concerned with the distribution of the products. The decision-makers should be able to understand how the competitors distribute their products to their customers (Fill 2002). After understanding the distribution strategy implies that the decision-makers should be able to make a decision which will help to distribute the products to the customers better than the competitors.
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