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Every firm’s marketers must develop an effective strategy for dealing with the competitive environment. A company may position its product or service with an eye towards its ability to sustain that position (Hooley and Greenley, 2005). The most direct competition occurs among marketers of similar products. The indirect competition involves products that can be easily substituted. One company may compete in a broad range of markets in many areas of the world. Another company may specialize in a particular market segment like geographic location, age, or income characteristics.
Marketers must make product pricing, distribution, and promotional decisions that give the firm a competitive advantage in the marketplace. The overall health of the economy determines how much a consumer is willing to spend on a particular product. Industry Analysis There are many other companies that have teeth whitening products such as Colgate-Palmolive’s Total Plus Whitening toothpaste, Listerine whitestrips, Rembrandt’s whitening toothpaste and whitening kits, and Aquafresh White Trays.
I believe the degree of differentiation within this industry is oligopoly.
Oligopoly is a common market form. Oligopolistic competition can give rise to a wide range of different outcomes. Competition between sellers in an oligopoly can be fierce, with relatively low prices and high production. This could lead to an efficient outcome approaching perfect competition. The competition in an oligopoly can be greater than when there are more firms in an industry if, for example, the firms were only egionally based and didn’t compete directly with each other.
In an oligopoly, firms operate under imperfect competition. Following from the fierce price competitiveness created by this sticky-upward demand curve, firms utilize non-price competition in order to accrue greater revenue and market share. These firms dominate the teeth whitening industry and form a large proportion of it. Competitive Analysis Crest Whitestrips competitors are Aquafresh white trays, Listerine whitestrips, and Rembrandt whitening system.
Crest whitestrips come in various strengths and styles, but the basic model is the same for all their products. They are not uncomfortable to wear. They may cause excessive saliva, which makes it harder to apply. They may sometime cause sensitivity that lasts a few days. Aquafresh White trays can get clumpy and whiten unevenly. The trays may cover more area than Crest Whitestrips, but the trays may not fit all mouths, are less comfortable, and can cause gum irritation.
Finally, it’s more difficult to find inexpensive White Trays. Crest Whitestrips are usually about $10 cheaper, possibly because they whiten more gradually. If you need something fast and only have half an hour a day, Aquafresh may be your product, but it will probably be less comfortable and a little more expensive. Learning about customer needs and wants is an important part of competitive analysis. Customer’s priorities should become the companies’ priorities. Analysis of product strategy toward competition
Strategic plans should touch on all areas of a business’s operations, including production of goods and/or services, distribution of those goods and/or services, pricing of goods and/or services, and marketing of goods and/or services. Decision makers must continually monitor competitors’ marketing activities, their products, channels, prices, and promotional efforts. Most business’ want to achieve superior marketing performance in their industries and develop a system for continuously comparing and measuring performance against outstanding performers.
As competition intensifies, competitors tend to cut prices to attract new buyers. The reduction in price can cause a decrease in revenues for all firms in the industry, unless the lower prices stimulate enough new purchases to offset the loss in revenue on each unit sold. If current customers buy more frequently than they normally did, total sales will rise even though no new buyers enter the market. This firm benefits by developing comprehensive product lines as opposed to concentrating solely on individual products. This diversity allows the firm or company to maximize sales opportunities within the limitations of its resources.
