Competitors are inseparable part in marketing arena. Competitors are the bitter challenging forces in the fields of formulating marketing strategies. Dynamic of competitor’s characteristics is a great concern for marketers who are serious about the productivity and profitability of their companies.
A vigilant and successful marketer always collects market intelligence especially about the strategies, strengths and weaknesses of their competitors continuously and aggressively. The marketers can gather the marketing intelligence through variety of ways and as per needs accordingly.
Characteristics of competitors
According to marketing experts, the competitive position of a company can be categorized as follows:
Many companies occupy dominant position in the competitive market. The company has many and alternative choices of different strategic options to beat the competitors and control the markets accordingly.
The companies with strong competitive position can stabilize and carry out activities independently and successfully in the face of any competition in the markets.
The companies at this level of positions can continue to carry out business activities more or less satisfactorily and have scope and opportunities to improve and stabilize their competitive positions overtime.
The companies with such competitive position perform badly and unsatisfactorily. They must strive to improve their positions or get prepared to phase out of the market.
The company having this stage of competitive position perform quite unsatisfactorily in the competitive markets. This type of company has no scope and probability to improve and stay in the business with success.
It indicates adequately the importance of the competitive position of a company in the market in order to be successful productively and profitably. It also implies that the assessment and determination of the exact competitor’s characteristics is of prime importance in order to continue and survive in the although competitive business arena.