Define competitive marketing strategies?
Marketing strategy is an important part of the marketing plan, defining everything about the overall marketing strategies to achieve each defined goal. This section focuses on marketing mix products, pricing, place, and promotion in all major areas.
Competitive strategy is defined as the durable plan of a particular organization to achieve a sustainable benefit over rivalries in the industry. It aims to create a defensive position in the industry and generate better returns on investment. Such strategies play a significant function when the business is highly competitive and offers consumers almost undifferentiated products. Before formulating a competitive strategy, one needs to assess all the strengths, weaknesses, opportunities, and threats of the industry and move forward, which will give one a competitive advantage. Understanding competition, analyzing customer needs, and assessing their strengths and weaknesses are key aspects of marketing strategy. Companies can study and evaluate based on their market share and SWOT analysis, which can help increase business and sales revenue.
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