Answered! Competitive factors that impact the company (e.g., nature of competition, characteristics of existing…

Expert Answer

Customers: Even though you might focus your marketing strategy on delivering more value to customers than any of your competitors, what your customer’s value may change over time.

Suppliers: Depending on your strategy you might need to adjust it depending on your suppliers, for example if you are using a price strategy because your supplier sells you raw materials at low prices but goes out of business and you need to find a new one you might need to change your prices as well because the new supplier might charge you more

Competitors: Depending on the behavior of your competitors you might need to adjust your strategy, you need to be paying attention to what they are doing but not to copy it, instead provide something different.