Foundations of Marketing 7th Edition by William Pride,Ferrell

Exercise 16

A marketing strategy is dynamic. Companies must constantly monitor the marketing environment not only to create their marketing strategy but 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 they hold? Expand your analysis to include other products that are similar or could be substituted for yours.
The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.