How does competition influence a company's marketing plan?

Competition significantly influences a company's marketing plan. It determines the pricing strategy, product development, and promotional activities. A company needs to understand its competitors' strengths and weaknesses to position itself effectively in the market. If competitors have a diverse product range, the company might need to innovate and diversify its own products. If competitors have strong financial resources, the company might need to focus on cost-efficiency or unique selling propositions to attract customers.

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To compare the organization against market conditions, this opportunities vs threats checklist grades where opportunities exist across market conditions like consumer habit trends, competition, and market potential; environmental conditions like regulations, laws, or the climate; and the organization's strengths and weaknesses. In this example, the company's pricing and diverse product range are key strengths, but its innovation ability and financial resources its main weakness. (Slide 4)

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Marketing Plan (Part 2)

Have your organization’s marketing efforts stalled out with overpriced ads and harder customer conversions? A strong marketing plan helps control cost...

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