A company's marketing organization could insure its ability to identify newly emerging
competitors and new trend by doing research and probably people studies. This will help to
find what people like and don't like, also will help with learning about competitors and what
drives people to purchased the competitors products. Surveys and just research will help stay
in front of up and coming trends. These days with technology, social media is a good was
for companies to identify emerging trends and prepare for any changes that have to be made
to stay ahead of things to come. An example is when we ran a new product, we had done a
people survey to see if people would be interested in our new product. Then our plant
decided to ask permission to be able to run the new product, but cooperate office decided
against it. One day the owner came by for a visit and to inspect our plant and he was told
about our idea for a new product. He responded with, "It's better to ask for forgiveness
instead of asking for permission". So we ran the new product and sold it online as limited
item. We ran our in just a few hours. We are now getting things together to run the item
again and this time we have permission to do so. A company can keep up with newly
emerging competitors and ways to beat them at marketing by having a team of employees
constantly environmentally scanning. By having people keeping up with other companies
within the same business market as theirs they would be able to see what new products or
ideas their competitors are putting out and how they plan to market those. That way, when
they report to the marketing team periodically the marketing team has enough time to come
up with something to get ahead of those competitors. When you are keeping up with
environmental scans it allows your company to see what people are shifting their focus to
when it comes to your area of the market. It keeps your company on top of how they then
take those changes and implement them into their product or service so that they are now
meeting the wants and needs of their customer base before they competitors even get a
chance to ease in on their customers. When your company tends to stay on top of changes
and that company conveys those changes in their marketing then those customers feel that
the company is speaking directly to them and what their wants and needs are even though
they have changed and that makes a customer feel loyal because they feel heard.A
company's marketing organization can identify newly emerging competitors in time to plan
and execute an effective marketing strategy in response to these competitors in a number of
ways. First, they can search local business directories. They also can be on the lookout for
advertisements and press reports. Exhibitions and trade fairs may be helpful. Finally, what
may be most common and easiest would be to search on the internet for similar products or
services. I think one of the best ways is getting information from customers. For example,
my daughter customizes sneakers. At the beginning stages, she would look into others online
that was also in the same business and found ways to bring in many customers by looking
into what they had going on in the business. She was able to bring in great prices that were
lower than usual, but at the same time - with the promotions, discounts and incentives that
she provided, her sneaker business is now booming. This is because with the great quality of
her work and the great prices, she has customers putting in orders every day. A company's
marketing org can keep up with and identify newly emerging competitors by doing general
research into the local markets and seeing what people are finding. A good example is social
media, I know there are many large companies who pay several people to manage the
company Twitter account, Instagram, Facebook, Snapchats, etc. These people are paid to do
engagement activities with customers and at the same time pay other people to engage in
research based on this engagement. They can observe how well their engagement fares
versus competitors, and using the social media tool of hashtags, it's easy to do research into
newly emerging brands simply by searching relevant topics to your business by hashtags and
seeing what is trending each day and at each hour. There are several different strategies that
companies employ to conduct effective marketing strategies and set goals, but social media
has lately been the most powerful all-seeing eye into the world of customers and what
they're looking for as well as what companies they're looking at.
