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Competitive Marketing Analysis - What and Why is It Important

(EMAILWIRE.COM, March 16, 2008 ) Suwanee, GA -- The keyword in this phrase gives us a hint – "competitive". The competitive marketing analysis is an in-depth study of a business's competition and the markets available in order to ensure that advertising and public relations budget dollars are spent where they will be most effective.

In order to perform strategic planning for their firm's future, it is imperative to know who the competition is and exactly what they are up against to ensure that their market share is sufficient for their firm's future. Increasing market share is the goal of any competitive marketing analysis.

Identifying the Competition - Who is the competition and how can they be located? Since they know exactly what products or services their firm provides, they can locate their competition by identifying other producers or providers in the same market that they supply. This is not a difficult task; it does, however, require some research. Competing suppliers are not hiding; they advertise just as their firm does.

The yellow pages of their local telephone book can be the starting point for competition identification. Research the Internet searching for press releases and publications which use descriptions similar to their products or services. Government agencies, Dunn and Bradstreet, business magazine features or employment of a private research firm can reveal a great deal about their competition and how they operate.

Shop The Competition - If they want to know first-hand about their competition, shop with them. For example, if they are in the restaurant business, eat at local restaurants that are similar in price range and clientele to their establishment. If they are a plumbing business, have someone contact the competition and learn prices of service calls and specific products. Knowing as much about the competition as possible allows their marketing analysis to include details rather than generalities.

Unbiased Comparisons - In order to truly analyze their firm's strengths and weaknesses, they need unbiased sources willing to compare their firm and the competition. They can employ market researchers, use surveys, form focus groups to obtain completely unbiased opinions on what they are doing right and wrong and how their competition stack up to their business.

Measure their strengths and ensure these strengths are maintained or improved upon. Identify their weaknesses and create a plan to improve those areas significantly. After they implement their plan, go back to their unbiased researchers and obtain another comparison to ensure that their implementation of their strategic plan has been effective.
________________________________________
Matt Bacak, The Powerful Promoter and Entrepreneur Magazine e-Biz radio show host, became a "#1 Best Selling Author" in just a few short hours. He has helped a number of clients target his specialty, opt-in email direct marketing systems. The Powerful Promoter is not only a sought-after internet marketer but has also marketed for some of the world's top experts whose reputations would shrivel if their followers ever found out someone else coached them on their online marketing strategies.

Additional tips to creating their own wealth include: Follow the piles of cash. Find people who have successfully http://www.promotingtips.com [created wealth] and learn from them. "Matt Bacak, the powerful promoter, is the person who has done just that in business and is leading expert on how to achieve quick and easy success" said Ralph Marcus Maupin Jr. (Mark Maupin) co-founder of National Real Estate Network and PrEasy.com LLC.

Remember, it's not only what they know, but who they learn it from. Learn from someone who is more successful then you. Learn the tricks of the trade and http://www.powerfulpromoter.com [internet marketing tips] from someone that has actually built wealth and not just written a book about it. Forget the past. It does not matter who they are or where they came from. Everyone deserves to be a millionaire.

Contact Information:
Stephanie Bunn
2935 Horizon Park Drive, Suite D
Suwanee, GA 30024

(770) 271-1536
http://www.internetmillionairemind.com


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PrEasy
Mark Maupin
248-939-6232
maupin.mark@gmail.com

Source: EmailWire.com

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