Part 1. Respond to the following in a minimum of 175 words: How can a company’s marketing organization identify newly emerging competitors in time to plan and execute an effective marketing strategy i

  

Part 1.Respond to the following in a minimum of 175 words:How can a company’s marketing organization identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.Part 2.Reply to the following discussion answer in a minimum of 100 words:There are several ways a company’s marketing organization can use to stay ahead of their competitors. First, they can find and then solve the customers’ pain points. Ask open-ended questions to find exactly what your customers want while using your products or services. Certain questions that identify pain points may be especially effective to ask your customers. After identifying customer’s pain points you can attempt to solve them by discussing their issues using terminology that the customer uses. Once you have a clear picture of the issue, the next step is to ascertain who at their company can solve those pain points and who is authorized to purchase the products and services. Secondly, the company should find a niche in the market via storytelling and specialization. Storytelling is an excellent way to build your niche by creatively crafting stories around your products. Then set competitive pricing, one of the easiest ways to beat your competitor is to offer more affordable pricing! Also, change your business to stay ahead of your competition. Change should be a constant to beat your competitors. Most importantly provide great, personable customer service to each and every customer, every time. – Michelle S.Part 3.Respond to the following classmate in a minimum of 100 words:Identifying emerging competitors can be tricky for any organization. There are the obvious ones such as McDonald’s identifying Burger King or Wendy’s as a competitor, but then there are not-so-obvious ones. The latter of these can completely blind side a company. An example of this happening comes from McDonald’s who was, for a long time, the number one fast food franchise in the world. McDonald’s focused it’s efforts on competitors as mentioned before. What they didn’t think about was Subway. Subway was a rather small in comparison sub sandwich shop. According to BBC in 2011, Subway took over McDonald’s as the “world’s largest restaurant chain”.McDonald’s and Subway, while offering different types of foods, are still fast food restaurants. An even trickier competitor could come from an entirely different industry altogether. An example of this is the company I work in. We provide a solution to cash management to businesses across the country and around the world. Sure we have our competitors with other safe companies, but we also have a silent competitor of consumers using more cards for purchases than physical cash. We have to think of new ideas to provide value to our customers who are no longer accepting a massive amount of cash at their locations. We also have to look for new markets that are still accepting the cash such as the marijuana industry, but even this has its challenges. – Janet S