Welcome to Market Research Guide
Market Research Method Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Competitor Analysis
from: Deb St. George - MarketingSalesCopy.comThe assessment of the weaknesses and strengths of potential and current competitors done by companies to gain a strategic insight into the mind of competitor is termed as Competitor analysis in the language of marketing. This analysis is used to identify threats and opportunities by in depth understanding of key competencies, strengths, weaknesses and unique selling proposition of the rivals in the business. Such analysis begins with competitor profiling that serves to coalesce all relevant sources of analyzing your competitor into a framework for effective and efficient strategy formulation, implementing strategies, monitoring the progress and making adjustments as needed. Competitor analysis is a strategic element and essential component of a corporate strategy.
The methodology involves many steps, which are presented as follows:
Competitor Matrix
This is the first and the most important step. If done carefully the Competitor Matrix step alone can accelerate your processes in a big way. The matrix consists of following elements:
Definition of your industry which involves the nature and scope of the industry
Determination of other players or competitors in the area
Determination of your prospective customers are and their expectations
Determination of the factors of success in the industry
Approximate rating of the key success factors of all competitors
Competitor profiling
The competitor profiling is the second step and its strategic rationale cannot be ignored as superior knowledge of rivals is a legitimate source of competitive advantage. Profiling provides an objective analysis of a competitor’s projection in the market and separates strong rivals from weak ones. It is generally observed that those firms that practice systematic and advanced competitor profiling have a significant advantage and because of its success comprehensive profiling capability is rapidly becoming a core competence required for successful competition.
Media scanning
A study of competitor's ads can reveal much more about competitors believe about marketing and his target market than any conventional quantitative or qualitative research tool. Any key change in rival’s advertisement or advertising budget should be carefully noticed as these changes very precisely reflect a change in rival’s strategy. So a tactical study of advertising strategy of rival should be done to extract as much information to gain a business advantage.
New competitors
New competitors enter into the market whenever there is unmet demand or high profits in the existing market. These new competitors should be carefully watched and monitors as they can pose a significant threat to your market segment. The product should always be kept in lines with the existing market demands and customer loyalty should be built so that customers are not weaned away from the company on arrival of new provider.
Market Research Method News
Equity Research on Cummins Inc. and Dover Corp. - Diversified Machinery Industry Benefiting From Broad Market Exposure
NEW YORK, NY-- - www.shinesrooms.com has a handpicked team of market professionals with over 100 years of combined investing experience. Today they are providing members comprehensive research on the Diversified ...
Read more...The Oil & Gas Pipelines Market Analysis 2012-2022
NEW YORK, May 24, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue: The Oil & Gas Pipelines Market Analysis 2012-2022 http://www.reportlinker.com/p0802473/The-Oil--Gas-Pipelines-Market-Analysis-2012-2022.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Logistics_and_FreightReport ...
Read more...Equity Research on Fidelity National Financial Inc. and Assured Guaranty Ltd. - Surety and Title Insurers Performing ...
NEW YORK, NY-- - www.shinesrooms.com has a handpicked team of market professionals with over 100 years of combined investing experience. Today they are providing members comprehensive research on the Surety ...
Read more...Cards and Payments Throughout Europe
NEW YORK, May 24, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue: Cards and Payments Throughout Europe http://www.reportlinker.com/p0867531/Cards-and-Payments-Throughout-Europe.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Credit_CardSynopsis• ...
Read more...Equity Research on Boise Inc. and International Paper Co. - Paper Demand Improving
NEW YORK, NY-- - www.shinesrooms.com has a handpicked team of market professionals with over 100 years of combined investing experience. Today they are providing members comprehensive research on the Paper ...
Read more...Equity Research on Safeway Inc. and SUPERVALU Inc. - Grocery Stores Battling It Out
NEW YORK, NY-- - www.shinesrooms.com has a handpicked team of market professionals with over 100 years of combined investing experience. Today they are providing members comprehensive research on the Grocery ...
Read more...Equity Research on Fulton Financial Corp. and State Street Corp. - Northeast Banks Better Insulated From European Woes
NEW YORK, NY-- - www.shinesrooms.com has a handpicked team of market professionals with over 100 years of combined investing experience. Today they are providing members comprehensive research on the Regional ...
Read more...