Assignment 3: Identify Your Company and Competitors
Instructions
Consider a company you are a part of and the family of products your company offers to the marketplace. If you are not part of a company, choose one to work with. As the marketing manager, you have been tasked with presenting a competitive analysis to your department regarding how competition is driving your product development.
In no more than five sentences, describe the company and what the product offerings are. For example, does your company produce consumer electronics? Perhaps, it is in the clothing industry? Could it be in consumer consumables, e.g., beverages, snack foods, etc? Note that moving forward, when reference is made to “your company”, this is the company you will focus on and work with. Anticipating that you will be pulled into the innovative product development process, conduct a market analysis.
Understanding the competition and the market environment are pivotal to developing an innovative product. Misunderstanding the market or the competition may lead to a lack of product-market fit and the inability to compete. In this assignment, you will:
- Identify your company and its products
- Analyze your competition through SWOT analyses, and
- Apply that knowledge to develop your company strategy.
Identify two of your competitors and name them.
- For each competitor, conduct a SWOT analysis, i.e., determine (i) their strengths, (ii) weaknesses, (iii) opportunities, and (iv) threats, using the template included in this week’s resources.
- Discuss your findings.
In your ongoing effort to gather marketing intelligence on your competitors, include a description of (a) the market size, (b) market segments, and (c) any external factors that can impact the market you three companies compete in (e.g., economic, seasons, etc.)
Note that parts (a) and (b) focus only on your competitors.
- Now consider your own company.
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- How many different segments are you targeting with your present product offerings?
- Describe each segment’s demographics, lifestyles, purchasing power, buying patterns, etc.
Requirements
Length: 5 – 7 pages, excluding cover and reference pages.
References: Include a minimum of 5 scholarly references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards.