- Companies use competitive analysis to evaluate the products and services of their competitors and to see how their own products and services compete in the marketplace. A student working on an MBA project in competitive analysis studies the strengths and weaknesses of the competitors of a given company, marketing trends and best practices. The student may utilize customer surveys, company visits and secondary sources including the Internet, newspapers and magazines to gather data.
- One objective of any business or company is to make money. Companies need satisfied customers to stay in business. Using consumer feedback and reviews, businesses can alter their products and services according to consumer needs. A student doing an MBA project in this field might get consumer's reactions or feedback on a particular company's product and then plan changes to the product -- or an entirely new product -- to increase the company's market share.
- Professional marketers' skills lie in their ability to create, enhance, maintain and protect brands. Branding is the process by which companies encourage consumers to identify and assign a performance parameter to a particular product. During the course of an MBA-level project in branding, the student will research successes and failures in the branding arena and may create a branding strategy for a company.
- A product or service's price can determine the success or failure of a product or service offering. Proper pricing helps determine a business's sales and profitability. The final price of a product needs to reflect consumer demand, manufacturing costs, the cost of doing business and competitive pressures. A student's project on pricing might compare two similar products and explain how pricing affected their success or failure in the marketplace.
Competitive Analysis
Consumer Satisfaction
Branding
Pricing
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