Principles of competition

Competition is a condition where different economic firms seek to obtain a share

of a limited good by varying the elements of the marketing mix: price, product,
promotion and place.

Tools of competition

 Positioning Comparison – this is a matter branding and general positioning. How

does your brand behave, act and present itself in the market? And how does
your competitive? (Tools: Gartner Magic-Quadrant - is the name of a series of
market reports.)

 Product comparisons – advertising campaigns, discounts, and specials are

common knowledge, easily found on websites, brochures, TV advertising, etc.
What your competitors offering that you aren’t? (Tools: What Runs Where - is a
handy tool for monitoring your competitor’s ads.)

 Websites - these days, customers google your business or go directly to your

website before you even know they’re a costumer. So analyzing your
competitor’s website is a great place to start. (Tools: WooRank- helps to better
your website based on the results of a project analyzing either your site or your
competitors.)

 Social Media- A key factor in this marketing climate is analyzing the integration of
social media into their marketing strategy. “Does their website have social media
share buttons?” (Tools: InfiniGraph- keeps you up to date with trends in your
specific industry.)

Techniques of Competition

 Technique # 1: Create unity and usefulness with your product.

 Technique # 2: Change your picking.
 Technique # 3: Emphasized your Product’s Key Benefit to the Costumer.
 Technique # 4: Deliver True Value of Product to you Costumer.