Marketing assessment Essay Example | Topics and Well Written Essays - 2000 words

Marketing assessment - Essay Example Among these is the threat of new entrants in to the market. The ratio of new entrants continues to get bigger and as such intensifies the competition. For example in the telecommunications industry, more companies have set up shop, introducing products such as mobile phones which are affordable therefore challenging the already existing companies. This is primarily due to the advances in technology which allows more people to venture in to business easily than it was the case in the past. This means that more superior products will be developed in order to retain a competitive advantage. Therefore, increase in the financial spending to produce quality products and services and low profit margins since the prices of the products and services will be put to match the market prices at the time. Globalisation another feature of technology is a major challenge especially to local companies who are increasingly being faced by competition from multinationals in their backyard. Local companies face the risk of losing monopoly as more and better products and services are being offered by international companies who have infiltrated their market. There is an increase in middle men and counterfeit products in the market which is a major threat to the existing genuine companies. Fake and substandard products continue to flood the market at the expense of genuine products due to their low pricing. People are buying cheap products due to the high cost of living as a substitute to genuine products they are unable to afford. The rise of middle men also, who sell products and make higher profits than the producers themselves are also a major threat to companies in the 21st century. Pfizer pharmaceutical in the US has been a victim of this continued trend with several of their medicine being counterfeited. Counterfeiting is linked to organized crimes such as money laundering and is a lucrative business for the