Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market-share growth. Companies strive to increase sales volume by utilizing the 4 components of the marketing mix, also referred to as the 4P's: product, place, promotion, and place.
Some of the early steps in designing a successful marketing strategy include knowing and understanding your competition. Consequently, if you are not current on who the competition is, it becomes likely that another firm can provide a competitive advantage, such as product offerings at lower prices or value added benefits. Identifying your competition and staying current with their products and services and critical to remain competitive in the market.