Notesale: Turn your study into money

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KMBI MK-03: COMPETITIVE MARKETING
UNIT-1 INTRODUCTION TO COMPETITION

MARKET
Before diving deep into the meaning of Marketing, it is quite important to have a
conceptual understanding about Market
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Markets can be physical like a retail outlet, or virtual like an eretailer
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In a professional term, a market may be defined as a mechanism
(sale/purchase) or an arrangement (sale/purchase) which facilitates a contact
between the buyers and the sellers for the sale and purchase of goods and
services
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In this buyers and sellers have to get together, have an oral discussion and face to
face meeting regarding the sale and purchase of goods and services are done
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MODERN MARKET
In today`s scenario potential customers do not have that much time to visit
any particular place, physical location, geographical domain or any
shopping complex
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Here, the potential buyers uses the online platform, they just place the
order and get the product and services at their doorstep
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MARKETING
Marketing refers to that process under which valuable goods and services are
created, offered and by doing transactions need and wants are satisfied
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This is why people get attracted to this process
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An excellent example of direct competitors is Burger King and McDonald’s
business rivalry
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Benefits Of Business Competition
Increases the demand
A healthy competition often leads to investment in more marketing
activities by different players, which eventually increases the overall
demand for the product in the market
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Helps business find its competitive advantage
Businesses often track, analyze, and study what their business rivals
provide and how do they provide it, to improve their offerings and cater
better to their customers
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This makes the market players put customers on the top of their priority
lists
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Disadvantages of Business Competition
Reduces the business’s market share
A rise in competition makes the business share its market with other
players
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Puts pressure on business
Competitions puts much pressure on businesses to up their game and
results in many of them failing because of their inability to compete with
the big market players
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Many employees can’t cope with this increased pressure
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This adds to the expense and is often unnecessary
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Competition makes them doubt their choice and often puzzles them

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