chapter  3
32 Pages

Competitive Analysis

In this chapter we address the second element of what marketing managers must understand: competition (see Figure 3.1). After analyzing the needs of consumers or organizational buyers in specific market segments, the next step in the marketing analysis process is to analyze competition for each of the specific market segments. For new products that represent innovation, this analysis may be limited to potential competition rather than identifiable competitors. In most cases, however, an established market with clearly identified competitors must be evaluated for its strategies, strengths, and weaknesses.