The competitor can be a major barrier to growth.
The Client Change Rationale
The company believes it is essential to have a clear definition for how and with whom they are directly competing against. They want to make a competitive profile of the critical few competitors to understand where they are strong and weak, their business and organizational structure, their brands, financial performance and readiness levels. Furthermore, outline the attack and defense strategies.
Competitive analysis is about picking out the key competitor’s and key market players study them and observe their behavior through a systematic process that evaluates competitor’s strengths and weaknesses. This is done through understanding their business model design, financial strengths, their brands and service offers, their operational marketing strengths and their operations competence strengths.
Studying the competitor’s activities at a strategic level to find how they generate a threat to company’s brand and service position is a part of the analysis process. Competition strength must be taken into the total marketing plan because competition can often be the largest barrier to growth. Furthermore, the company uses the key findings to take corrective action attacking the competitor strengths or their weakest areas. Competitive analysis key discoveries and observations can be many and having the right information and facts enables Marketers to uncover new breakthrough business opportunities to becoming a stronger market players..
Analyze the critical few competitors systematically by selectively picking out the key players, study them, and observe their behaviors.
TPC-Consulting Core Modules and Content
- Identify arenas of competition
- Make profile for the critical few competitors
- Strategic marketing
- Operational marketing
- Operations analysis
- Organizational readiness and action plan
When the competitive analysis is developed for the first time there generally are quite a few assumptions necessary to make, to complete the analysis. However, when the weaknesses in the analysis are known then it is possible, over time, to collect more accurate information through focused information collection. It generally takes two years to develop credible competitive analysis by closing fragile subject matters in the analysis, because over time, the answers come around.
The competitor analysis outcome was a big surprise for the company whereas, the companies they thought were strong were not strong and on the other hand the companies thought to be weak were strong.
There is full understanding for the current competitive situation. Moreover, a strategic plan is in place for how to react to competitive threats and attacks as if they are fades or real.