The competitor can be a major barrier to growth.
The company believes it is essential to understand how and with whom it is directly competing in the marketplace. It wants to profile the critical few competitors to know where they are, strong and weak. It also wants to understand their business and organizational structure, brands, financial performance, and readiness levels. Furthermore, it outlines attack and defense strategies.
About Competitive Analysis
Competitive analysis involves systematically identifying key competitors and market players, studying them, and observing their behavior. This is done by evaluating competitors’ strengths and weaknesses. This includes understanding their business model design, financial strengths, brands, service offers, operational marketing, and operational competence strengths.
The master plan
Studying the competitor’s activities at a strategic level to find out how they generate a threat to the company’s brand and service position is a part of the analysis process. Competition strength must be considered in the total marketing plan because competition is often the most significant barrier to growth. Furthermore, the company uses the key findings to take corrective action, attacking the competitor’s strengths or weakest areas. Competitive analysis’s key discoveries and observations can be many. Having the correct information and facts enables marketers to uncover relevant breakthrough business opportunities to become stronger market players.
Analyze the critical few competitors systematically by selectively picking out the key players, studying them, and observing their behaviors.
Core modules and content:
- Identify arenas of competition
- Make profiles for the critical few competitors
- Strategic marketing
- Operational marketing
- Operations analysis
- Organizational readiness and action plan
When a competitive analysis is developed for the first time, quite a few assumptions must be made to complete the study. However, once the weaknesses in the analysis are known, it is possible to collect more accurate information over time through focused information collection. It generally takes two years to develop a credible competitive analysis by closing fragile subject matters in the analysis because, over time, the answers come around.
Know your competitors
The competitor analysis found that the company was surprised, whereas the companies it thought were strong were not. On the other hand, the companies it thought were weak were strong.
The current competitive situation in the market is fully understood. Moreover, a strategic plan is in place to react to competitive threats and attacks and determine whether they are real or fake.