Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 24

A marketing strategy is dynamic. Companies must continually monitor the marketing environment not only to create their marketing strategy, but also to revise it if necessary. Information about various forces in the marketplace is collected, analyzed, and used as a foundation for several marketing plan decisions. The following questions will help you to understand how the information in this chapter contributes to the development of your marketing plan:
Describe the current competitive market for your product. Can you identify the number of brands or market share that they hold Expand your analysis to include other products that are similar or could be substituted for yours.