Who Are Your Market Competitors (With Real World Examples)? | From A Business Professor

Expansive Competition: Businesses, exemplified by car rental giants Hertz and Alamo, face a broad competitive landscape, not just from similar services but also alternative transportation like Lyft and Uber. Types of Competitors: Breakdown includes Brand Competitors (e.g., Coca-Cola vs. Pepsi), Product Competitors (e.g., Coca-Cola vs. Gatorade), Generic Competitors (e.g., movie theater vs. theme park), and Total Budget Competitors (e.g., smartphones vs. shoes vs. travel packages). Strategies: Different types require unique strategies—understand the competitive landscape, differentiate offerings through innovation or branding, target the right audience, and maintain continuous innovation. Real-world Example: Coca-Cola's strategies against competitors, including differentiation, marketing campaigns, sponsorships, brand image, customer loyalty, product diversification, health-conscious options, affordability, frequent consumption promotion, and value promotion.