Marketing plan explains how one is supposed to put a marketing strategy into practice.It ensures that everyone knows the purpose of doing things and what they are required to do to make it work the way they want (Cohen, 2005).An effective plan must include objectives whereby one is supposed to know what they are going to achieve at the end.
Competitor analysis is one of the elements in the marketing plan. It involves identifying competitors and knowing their goals of what they want to achieve.evaluate their weaknesses and strengths that relate to your products. Identifying competitors may base in two directions.demand side and the supply side (Cohen, 2005).Demand side involves the customer needs while supply side involves how the firm operates in locally regarding technology.
Competitor analysis is very important in the marketing plan.They help the people who manage the company to understand advantages and disadvantages related to their competitors.they also help to know more about competitors plans and most important the plans. Competitor analysis also helps to tell about the future returns. For instance how the competitors will respond to a new product (Cohen, 2005). Moreover, its helps to provide a basis to have strategies on how to get a competitive advantage in future.
For one to cover a thorough section, the competitor must have an innovative way to how to market your product.descibe the methods used by other competitors and find a way to improve them.it would help in achieving your market plan.
When you want to gather information about competitor analysis by conducting win and loss analysis in which one continues to interview new customers.search for external and internal experts and develop a good relationship with them to get an additional information (Cohen, 2005).Use a trade show to gather information from the customers. A competitor may also build an information database online to advertise the products.