Competitor Analysis Master Assignment Example | Topics and Well Written Essays - 2500 words

Competitor Analysis Master - Assignment Example Dolan, 1991). This will help the company n making the necessary modifications either to its product or its marketing strategy or both as & how the situation demands. Such an effective definition of the marketing strategy & the assessment of the degree of competition with the market may also be applied to the tourism industry as well. The present essay is an attempt on the same line to determine in brief about the various strategies & competitive policies that need to be worked out by any tourism sector to be able to offer healthy & stiff competition using many popular marketing models. Strategies are the long term goals that are set up by any business entity for the purpose of achieving the desired objectives in addition to the fulfillment of the needs & tastes of the customers. The concept of marketing is no exception to this fact and as such, any marketing activity should be effectively planned & implemented according to a well-defined strategy. A strategy is different from a tactic wherein the latter is mainly concerned with addressing the short term goals of the organization with regards to the a particular product or a specific market situation. As opposed to this, a strategy is usually devised for a long period that sometimes runs into months or even years for satisfying a major objective such as an expansion of the organization into new sectors, popularizing a new product that is proposed to be introduced into the market etc.In general, there are two major parts under strategic marketing: Assessing the competition in the market. Implementing the strategic action plan as part of the usual operations. The present markets are extremely competitive in nature. Therefore, there needs to be a consistent strategy in order to provide for a way to outclass other products that provide competition through effective marketing strategies. But, in addition to having a well-defined strategy that aims to take care of long term goals & ambitions, one also needs to have an action plan in place for everyday activities. In addition, one also needs to make sure that there are adequate resources for the purpose of being able to fulfill the desired objectives.The decision of the overall strategy & its planning are hugely influenced by the market condition & the organization's objectives. These considerations can be briefly classified as shown below (Coskun Samli, 1998): If the market is favourable & the organization occupies the best position, then the best option is to mobilize the best resources towards achieving organizational goals. If the market situation is favourable but the organization's place is a bit weaker in comparison to other industry players, then the goal of the strategists should be aimed at making the best offer towards improving & consolidating the place of the company in the market. In case the market is not favourable, but the organization is better placed in comparison to its competitors, then strategic marketing policies will ultimately work towards generating short-term profits. If both the market and the organization's situation are not satisfactory, then strategic marketing should be undertaken if & only if it is felt that the proposed initiative would be beneficial at least towards a part of the business entity.