Marketing & Consumer Behavior | Three Types of Competition Faced by Marketers

Describe the three types of competition faced by marketers.

Possible Answer: The three types of competition faced by marketers include substitute products, brand competition, and international competition. Substitute products may not look alike, or they may seem very different from one another but can fulfill the same need. Brand competition occurs between similar products, such as the auditing services provided by the large accounting firms of Ernst & Young and KPMG. Brand competition is based on buyers’ perceptions of the benefits of products offered by particular companies. International competition matches the products of domestic marketers again those of foreign competitors. After identifying which type of competition is present, the marketer can then develop a strategy for attracting more customers.

Source: Business Essentials, 8e (Ebert/Griffin) – Global Edition