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Competitor analysis

Chapter 4

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Competitor analysis

In the recent times the Businessenvironment has changed tremendously

The degree of competition has alsoincreased immensely.

Organizational strategies need to bemodified to match with competition and ifpossible to out beat them.

Therefore the critical evaluation ofcompetitive environment is crucial for thesuccess of an organization.

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Sources of information

To analyze competitive environment ,it is

necessary to collect information. There are

basically 2 sources to collect suchinformation.

Secondary

Primary

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Sources of information

Secondary data, It refers to information collected by someoneelse.

1. Internal sources (database of co)

2. Newspaper

3. Annual reports

4. Business journals

5. News release

6. Promotional Literature

7. Trade periodicals

8. Consultants

9. Trade associations10. Government sources

11. Internet

And much more

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Sources of information

Primary data refers to data collected

directly from the market place firsthand.

1. Sales force2. Employees

3. Suppliers

4. Consultants5. Research & Development

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Product Feature MatrixFor better understanding of the competitors company

should prepare a competitors product feature matrix asper below steps:-

1. Define type of Industry (nature scope)

2. Determine who are competitors

3. Determine who are its customers & their expectations

4. Determine what are key success factors5. Give Weigtage to each success factor

6. Rank each competitor on each of the key successfactor

7. Assess the overall strength of competitor relative toeach factor.

Such an evaluation helps company in understnading wheredo they stand in the market compared to itscompetitor.

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How Company fights competition?

Marketing strategy

Differential Advantage

Determination of key Areas Developing core competences

Core Products

Strategic orientations based on Differentialadvantage & business scope

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Product positioning

Positioning Placing a product at a certain point or

location within a market in the minds of prospective

buyers. Distinguishes firms offerings from its

competitors.

May develop a positioning map and reposition product

as necessary