Marketing Management Tools Model

Competition Model and Marketing Management Tools Name Institution Competition Model The business area is highly competitive and any organization with a competitive advantage is likely to dominate the market. It is therefore important for each business to monitor its competitors to ensure that it takes appropriate action to maintain its competitive advantage. Firstly, monitoring rivals ensures that and a business is able to know where rivals are investing their money or the directions their products are moving. Secondly, it allows a business to know beforehand the expansion plans of a rivals relating to entry into new markets introduction of new products. Thirdly, it allows a business to learn what their rival customers buy from them. In this case, learning the behavior of rivals customers can allow the business to develop products and services that the other customers would find more appealing. Lehmann and Winers Level of Competition Model is an important tool used in the determination of the level of competition in a given businesss environment. As businesses monitor their competitors, a lot of data is gathers and hence, using the Lehmann and Winers Level of Competition Model, it allows an organization to understand and identify competition by using competitors