Competition in business is the contest or rivalry among the companies selling similar products or targeting the same target audience to obtain more sales, increase revenue, and gain more market share compared to others. This calls for competition analysis of the areas to understand as how to achieve it and develop a comprehensive marketing plan strategy.
The physical world is all that you can see, touch, hear, smell and taste. It makes the physical world an external entity. The relation between the physical world & its usual tools and the digital world & its new devices is pretty ambiguous. In the digital era, the digital marketing revolution and its digitization of information have not turned down all our “physical habits” and many of us, both in the personal and professional spheres, are attached to some “old” way of doing things.
Due to the newness, digital marketing uses the technology to create new value in business models, customer experiences, and the internal capabilities that support the core operations. The term digital business includes both digital-only brands and traditional players that are transforming their businesses with digital technologies. Digital marketing business is changing the nature of competition analysis. The competition analysis is the critical part of marketing plan strategies. Today, it’s not just traditional industry competitors that you need to worry about. But new entrants from outside one’s industry, equipped with new technology-based business models and value propositions are creating new horizons of competition. These are often called astech giants and startups that have envisioned and built a new business model from the ground up. They are powered by a new platform ecosystem for digital business. They’re leveraging social, mobile, analytics and cloud technologies. But they are often exploiting intelligent automation, the internet of things (IoT), and cybersecurity to further enhance the value proposition of their platform. This is the key enabling area for marketing plan strategies.