Essay about Marketing Strategies For A Competitor
A competitor is a firm or company that offers the same or a similar good in the same industry or market. Both you and your competitors have the same target market, which is where the competition comes in as one firm aims to gain a larger market share than the others (Business Dictionary, n.d.).
This is done through various marketing strategies by identifying who the main competitors of your company. These are called the direct competitors. Direct competitors are firms who directly compete with your company by offering a very similar good. McDonalds’ direct competitors are Burger King and Wendy’s. These two companies offer a menu that is very similar to that of McDonalds, as their burgers are what they are what the companies are known for.
Although the direct competitors are the companies McDonalds should be paying more attention too, success wise, many other fast food chains are also competing with McDonalds. These are the indirect competitors. Indirect competitors are competitors that are in the same industry but offer a similar or substitute good. The main companies that indirectly compete with McDonalds are Kentucky Fried Chicken (KFC), Subway, Starbucks, Domino’s and Pizza Hut. These competitors are all part of the fast food industry but offer a substitute to McDonalds as their main selling good.
With big fast food chains all competing against one another, the industry is very competitive. McDonalds is seen as the leading fast food…