Chapter 7: DEALING WITH COMPETITION

 Competition in business is inevitable. It is the driving force in business. Competition is the contest between two companies who produce similar goods and services and they Rather the same consumers. Each company is trying to stand out with the best goods and services . There are different types of competitions but we'll be focusing on the competition between a company and another company cloning an existing product which may be known as direct competition. Reasons company clone a product includes: lack of innovation and of course it is easier to copy a product than to start from scratch. 

How will you react to a company cloning my product?

For illustration propose, I have a company in the food industry and I make a snack product and I notice another company tries to clone the product.  Same taste, same packaging same logo. How will I approach the situation as a business man? 

• Improve on your product quality

I will analyze the situation and know  the other reasons  for cloning the product which high sales of the pre existing product is one of them. Here I will employ the Product marketing mix. I will improve on the quality of my product adding secret recipes. Design and branding will also be stepped up.

• Set your price

Application of the Price marketing mix might be difficult here because the  company cloning the product might have skipped some money saving steps that might make them have a cheaper product. The price should reflect its value

• Place matters

Knowing the place where you have advantage: (online or offline) is key. Market your product more to your Target audience, it should be more available and accessible. Boost the distribution strategy.

• Plan your promotion

Your promotion is your communication channel to educate your consumers about your brand. You'll inform them of  improved quality and change in design. This is a medium to inform them of the value you offer different and better than that of your competitors.

The bottom line is, the 4ps are the key elements involved in planning and competing in marketing a product or service, and they interact significantly with each other. Considering all of these elements is one way to approach to a comprehensive marketing strategy. it’s essential to understand your competition, stay ahead of trends, and continuously improve your products and services to remain competitive. 

References: Ilias Avgeropoulos(2004) Marketing Planning power point , Kotler (2000) Marketing Management, James Durkin(2022) Good and Bad Marketing .