ASSIGNMENT 1 PREPARATION: COMPETITORS By now you should have begun working on Assignment 1: Positioning Statement and Motto (THIS PART IS ALREADY DONE & IS ATTACHED), due next week. You should h

ASSIGNMENT 1 PREPARATION: COMPETITORSBy now you should have begun working on Assignment 1: Positioning Statement and Motto (THIS PART IS ALREADY DONE & IS ATTACHED), due next week. You should have already selected your business and completed the 1. Target Market/Users section in the Assignment 1: Positioning Statement and Motto template.If you have not done so, read the Week 4 Positioning Statement and Motto assignment and rubric in the Course Guide.Download the Assignment 1: Positioning Statement and Motto Template [DOCX] to your computer and Save As using the following identifier: LastName_FirstName_Week4_Assignment 1.This week, we will focus on the 2. Competitors section.For additional help with the Competitors section of the Assignment 1 template, review Chapters 3 and 4 in your textbook and the following resources:No Plan = No Customers: How to Build a Profitable Marketing Strategy.A solid marketing strategy is essential to succeed.CompetitorsWho are your brand’s competitors?Assess who the business competes with to get the target market’s business. Consider the following:Examine the direct competitors.What businesses sell the same type of product? For example, McDonald’s, Burger King, Wendy’s, Hardy’s Carl Jr., and Jack in the Box sell fast food, so they would be considered direct competitors.Examine the indirect competitors.Indirect competitors sell in the same industry and are seen as plausible substitutes. For example, while McDonald’s sells fast food, they also compete with Outback Steak House, Olive Garden, and P. F. Chang’s. While these restaurants do not compete directly, they offer a different type of food and experience but compete to get customers to spend their discretionary food dollars at their establishments.Identify at least three direct and three indirect competitors of your selected business. Explain why you consider these competitors.What product category does your brand fit in?McDonald’s golden arches are familiar worldwide. They offer fast food, ready to eat in minutes. Their food is also a bit on the greasy side—a common fast food characteristic.Explain which category your brand belongs in and why.What frame of reference will customers use in making a choice to use/purchase this brand/service?Who will they ask about this product before purchasing? What frame of reference will help them decide if they want to purchase? Is it their social media friends? Co-workers? Family? Online product reviews? Chat rooms?Once you label your references, explain why you think these people are able to influence the consumer’s purchase of this product.What frame of mind are these customers in? What are they considering when making this purchase? Is it an impulse purchase, such as “I’m hungry, oh look there is a McDonald’s?” Or, is it an informed and investigated purchase such as, “I’m taking my partner out for a special dinner; where’s the nicest place I can go?”What other brands/companies might customers compare this brand to?What brands might customers consider before making a final purchase? For example, most of us compare the McDonald’s Quarter Pounder to Burger King’s Whopper. If you were looking for shoes, you might compare Nike to Adidas. What brand would be a possible substitute brand for your business? Why?