5 P’s of marketing
When we develop a marketing plan to make our Project a success one of the most important steps is the study of competition related to this is necessary the evaluation of advantages and disadvantages that we have towards them.
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Advantages can be based in one or the 5 p’s of marketing, which help us to evaluate the specific characteristics that we have on our competition.
Product:
It will be our base and what we most want to evaluate, Quality: Is it better than the others? Is it made with better raw material? Is it handmade? Do you have high quality standards? If for example we are not offering a tangible product, But is an idea or a person, we can ask: Is it innovative? Do I have extra knowledge that gives me advantages?
Price:
This aspect will give us a measurable evaluation for our marketing plan, it is evaluated: if we have an equal price, lower or higher than our competition, but it should be clarified that a lower value will not give us a significant advantage if we do not have a quality product, or a brand that can connect with customers.
Promotion:
This point of the study of advantages and disadvantages refers to the channels in which our product is going to be promoted, whether online or offline, we have to be clear that it differentiates us from our competitors, or that we do better than it
Place:
We want to have a physical store accompanied by a virtual store, or just one of the two. What advantage or disadvantage does each one offer us?
People:
Personally one of the most important characteristics, a good team will define a good product, and a good use of it. We have to take full advantage of this, forming a team with the best features will result in a success in the project.
Competitive advantage results from matching core strengths to the opportunities an advantage is gained by a company when it can provide the same value as its competitors but a lower price
The whole process of searching for advantages and disadvantages must have in common the meeting of VALUE, be honest about this, being aware of where we are facing our competence, will give us the correct and applicable results.
