Please respond to each individual in 2 separate paragraphs with a minimum of 175 words each. Also, agree and add additional facts to their points. Example:
Paragraph 1- I agree with you Destiny…
Paragraph 2- I agree with you Latasha…
Here are their responses:
Destiny:One way that a company’s marketing organization ensures that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors is that they need to always be aware and keep their eyes open to new companies. As a company, you can’t get comfortable and become stagnant, or otherwise, you could lose because things are always changing in the world. Even companies that have been around forever are always changing and becoming better because the world is changing as well. For example, fast-food chains are always coming out with new items on their menus to compete with their competitors like new chicken sandwiches and so much more to compete with other fast-food chains. Being flexible, aware, and available as a company to change is definitely what can help the company plan and execute an effective marketing strategy since companies are always changing and getting better. Creating a product that customers actually like and want to keep buying also helps companies because it keeps the customers coming back for more.
Latasha: A way for a company to always keep their best foot forward when it comes to competition, would be always have their eyes peeled. Looking for the “next big thing” you could say. Many companies that are still around from decades ago have had to change their ways, how their product looks, tastes, smells, yet they are still competing with the best.
As a company you can’t get comfortable and become stagnant. There are always going to be companies being developed that are looking to the the “top dog”. Being flexible, aware and available to change is definitely what can help a company plan and execute an effective marketing strategy.
An example that can be used is all the alcohol companies that have now switched to seltzers. Truly and White Claw have been on the forefront of advertising for a few years now. Once they got in their groove, and the audience they were looking for they started to branch out. They now have all kinds of different flavors available, I even saw a friend post about a cap that can go on two different Truly’s to mix the flavors! They are now more than alcohol businesses. These two have really become the top tier for seltzers due to the outlook of being able to consume alcohol and still be healthy in a sense.
Here is the original question they answered from the instructor:
Respond to the following in a minimum of 175 words:
How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.
