Each firm attempts to monopolize its own target market but competition still exists. Changing customer tastes may affect how different consumers see each offering and various alternatives may be considered substitutes. Here a small number of firms control the market. Their marketing mixes may overlap but demand is sufficient to sustain them. Barriers to competitive entry are high.
Price is typically the determining factor in making a purchase.
This is an organized approach for evaluating the strengths and weaknesses of current or potential competitors marketing strategies. A key concern for marketing managers is to anticipate future competition. Information on Competitors. Marketing managers should seek out information on competitive practices. Although competitors marketing plans are typically secret, publicly available news stories and events coverage may provide clues to new strategic moves by competitors.