You must know your competition in and out. Keep your friends close, but keep your competitors closer. You need to know all the things that you learned about your customers except fill in the blank for each competitor on all of those above items. Learn how you are the same/ different. Learn the similarities/differences about each product and service you offer. Learn how they sell or promote their products /services.
The marketing planning (concretized in the marketing plan) is an essential organizational activity, considering the hostile and complex competitive business environment. Our ability and skills to perform profitable sales are affected by hundreds of internal and external factors that interact in a difficult way to evaluate. A marketing manager must understand and build an image upon these variables and their interactions, and must take rational decisions.