What are the competitive factors affecting your marketing plan?
There are 4 business factors affecting internal business environment in marketing plan; managerial factors, competitive factors, financial factors and technical factors.
Before you read this article, you need to understand what are the internal environmental factors in marketing plan?
- They are the factors that make your product competitive and unique in the market, many marketers spending months in creating a unique characteristic that makes their product different and unique in the market.
- You should focus on the following issues that determine your product’s competitive factors:
Products Strength (competitive factors affecting your marketing plan):
- What is the unique characteristic that makes your product strong? Is it something about the quality? Is it about the efficacy?
- You should know the main strength of your product, which you will build your marketing plan
Customer Loyalty (competitive factors affecting your marketing plan):
- Customers’ loyalty is earned through a ladder of consumer behavior.
- What could you make to let your consumer become a loyal for your product?
- If you got a customer loyalty, your customer will select your product rather than the competitors found in the same place.
- If you gained a strong customer loyalty, you may gained a Customers’ Preference soon; if the customer search for your product in a certain place, and your product wasn’t available while your competitors were there, customers’ preference happens when your customer leave that place and search for your product in other place.
Market Share (competitive factors affecting your marketing plan):
- Market Share is a percentage that shows you how you are doing between the competitors.
- So between your competitors of the same category; hot drinks, Highly priced cars, Fashion (in the same region), fast food, you know how much your product get a share in units and value % between existing competitors.
- The market share calculations are provided by marketing research companies which calculate your products sales in units (how many items you sold) and value (how much of all those units you sold).
- The market share could be calculated monthly, quarterly (every three months) or even on yearly basis.
Management of Product Life Cycle (competitive factors affecting your marketing plan):
4.1. Investment in Research and Development (R&D):
It’s a whole entity which is responsible for continuous development of your product’s clinical trials (conducting clinical trials) and discovery of new molecules for your products.
4.2. Selling and Distribution Costs:
- This issue is very important, because one of the most costly tools of selling is personal selling. You should know that personal selling is very effective but needs a high managerial skills and quality of implementation.
- Also you should know your way of selling your product (channels of distribution); are you going to recruit sales persons and selling your products to the consumers? Or are going to sell you products through another channel; shops, hypermarkets, malls?
- The distribution cost: you should know who are your distributors? Who will deliver your products to the shops or supermarket or hypermarket?
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