A competitor analysis provides the knowledge to make informed decisions on what aspects of a business gives a competitive edge. Business’ today thrive when they discover, develop and deliver business strategies encompassing their stakeholder’s needs, wants and expectations. Stakeholders include customers, staff, shareholders, and all other parties with a vested interest, as well as the general community.
In order to develop these sound business strategies, reliable, relevant and timely information must be gathered and analysed. The underlying purpose of competitor analysis is to make sense of the large quantity of data available about the macro-operating environment, competitive environment and market places.
Competitor analysis works on the premise that every time a consumer makes the decision to buy, a competitive assessment is undertaken. They evaluate the product/service against attributes they see as important, for example it may be price, colour, quantity, availability, accessibility, the sales approach, and so on.
Competitor analysis is a crucial step to your company marketing plan. With this evaluation a determination can be made on what attributes are focused on to attract a target market. The purpose of a competitor analysis is to ensure your organisation can plan for the new competitive landscape, armed with competitor intelligence regarding:
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