MKT 421T University of Phoenix Week 1 Marketing Planning Discussion

Post a total of 3 substantive responses. This includes your initial post and 2 replies to classmates or your faculty member.

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.

Post 2 replies to classmates or your faculty member. Be constructive and professional.

STUDENT 1

A company can discover or identify newly emerging competitors by doing extensive product research. You can also do social media research to determine what is “buzzing”. The truest or rear the best form of marketing or advertisement is word of mouth. So this makes social media the best place to go to determine what the public knows and also what the public wants. When you find out that you have a true competitor that is marketing the same or a similar product and or service that you or your company is offering. You do benefits and value analysis. This will point out the benefit of using the product or service that you provide or more commonly go with the brand or the name you know versus switching to the competitor that may offer more value. It is quite common practice among consumers to go with the name brand for a product other they are most familiar with. The common brand I know that I am quality of these as I am sure the majority of consumers are sort of locked into a brand name or household name that is most familiar.

STUDENT 2

Hello Class,The company that I currently work for has a marketing department that has to continually identify and promote new ideas because we are in a competitive market. I work in an Indian casino in California. We are always having new casinos open or older casinos expanding and it is a threat to the one I work for al the time because we are a destination resort where as the others are generally close to large populations. A couple years ago I worked with the marketing department for approximately six months and during that time we had to plan promotions that would get gamblers to decide to drive out of their way to and past the other casinos to come and visit us. A lot of the Identifying that is done where we work is word of mouth and then verifying the information. The marketing department has to keep up on the information that happens around the our region of the state so that the can keep informed on the changes that they have be prepared for.