Posted in Marketing and Strategy Terms, Total Reads: 1535
Definition: Competitive Marketing
It is the marketing strategy which is formulated by a company after taking the competitors, into consideration. The actions, the strengths and the weaknesses of the competitors are analysed before formulating such a strategy.
If a company reduces the price of its product, it’s competitors will also be affected by the decision. They will also modify their marketing strategy, based on the competitive environment to attract the customers by lowering the prices or by offering some gift for. Also, we will analyse their prices and price our products appropriately.