Consider a strict monoidal category $C$, and let $E := Func(C, C)$ be the endofunctor category. We already know that any endofunctor category can be "given" a strict monoidal structure, by setting the product to be the composition $F \circ G$ on objects and the "horizontal composition" $\alpha \underline{\circ} \beta$ on morphisms.
But if we "use" the fact that $C$ is a strict monoidal category, we can try to "give" $E$ another monoidal structure, what i call "object-wise" in the title:
Given two functors $F, G$ we define their product using the product on $C$:
$(F \otimes G)(a) = F(a) \otimes G(a)$.
In order to define the tensor product on morphisms (in $E$, that is natural transformations), consider two of them:
$\alpha: F_1 \to F_2$
$\beta: G_1 \to G_2$
we then have the following (commutative by naturality) diagram (where the product of natural transformations is defined as the product of the components at each object, as morphisms of $C$):
and we can mimic the definition of horizontal composition, and call this "horizontal tensor product":
$\alpha \underline{\otimes} \beta := (\alpha \otimes 1_{G_2}) \circ (1_{F_1} \otimes \beta) = (1_{F_2} \otimes \beta) \circ (\alpha \otimes 1_{G_1})$
Even though this is far from a proof that the above definition actually endows a monoidal structure, let alone strict, my (wild) guess is that such a proof would be quite straightforward: we should be able to lift associativity, left and right unitors and (eventually) braiding or commutation, as well as strictness, from the "base" category $C$.
I tried google, but couldn't find anything. Am i missing something, that makes this a special case of another well-known construction? Or is this just an uninteresting construction? Or maybe my wild guess is plain wrong, and this does not endow $E$ with a different monoidal structure?