Beat the Competition
Within all markets, a variety of competitors seek to win the favour of the consumers. Each offers what they think is the combinations of products and service that will result in maximum consumer satisfactions. In the market there are four levels of competition that must be considered in order to protect a businesses position in the market. We learned theses four competitions is class, they are: Product form competition, product category competition, general competition, and budget competition.
To give an example of a business and what of the four types of competitions affect them I chose to look at Cora’s. Cora’s is a breakfast and lunch restaurant mainly know for its delicious breakfasts. They serve a verity of fresh fruits, omelettes, eggs, crepes, pancakes, waffles, and French toast. But Cora’s does have competition that they need to think about. They main Competition they have in product form and product category competition.
Product form Competition: Product form competition exists among businesses that provide similar products and services to the same customers as the same price level. Cora’s competes with restaurants like broadways, Denny’s and Tutti fruitti. Both of these restaurants provide similar breakfast menus and the same level of service and price. Also the locations of Broadways Denny’s and Tutti fruitti’s are close to Cora’s making it even more of a stress in competition. In my opinion I would say Tutti Fruitti is more of a threat to Cora’s because of there presentation of their food. Both cora’s and Tutti Fruitti present their meals with beautiful design. Meals come with amazing food art that make the food both gorgeous and scrumptious. Because both Cora’s and Tuttii Frutti do this there is definitely more warning in competition.
Product category competition: Product category competition exists among businesses that make the same class of products. Businesses that would be a threat to Cora’s in this way would pretty much be any restaurant that services breakfast such as Broadways, Tutti Frutti, Denny’s, McDonalds, Tim Hortons, and other small local businesses. All of these businesses offer some product (breakfast) although not all offer the same quality or variety. McDonalds and Tim Hortons are fast food restaurants offering a quick and cheep bite on your way to work, school, or any time orientated affair. For something more enjoyable and with better quality at high prices there are the options mentioned like Broadways, Tutti Frutti and Denny’s. All having an impact on Cora’s what best for them in attracting consumers.