Welcome to Market Research Guide
Market Research Report 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 Report News
Credit Repair Services in the US Industry Market Research Report Now Available ... - Seattle Post Intelligencer
Credit Repair Services in the US Industry Market Research Report Now Available ... Seattle Post Intelligencer For these reasons, industry research firm IBISWorld has added a report on the Credit Repair Services industry to its growing industry report collection. The Credit Repair Services industry largely moves countercyclical to the business cycle; as such, ... Investment Banking & Securities Brokerage in the UK Industry Market Research ... Psychic Services in the US Industry Market Research Report Now Available from ... Engine Rebuilding and Remanufacturing in the US Industry Market Research ... |
Smoothie Production RTD in the US Industry Market Research Report Now ... - Midland Daily News
Smoothie Production RTD in the US Industry Market Research Report Now ... Midland Daily News A trend toward healthier products, along with a substantial increase in marketing initiatives, resulted in a quick rebound in demand for RTD smoothies after the Great Recession dented disposable income. Despite increased research and development and ... |
Mobile Telecommunications Carriers in Australia Industry Market Research ... - San Francisco Chronicle (press release)
Mobile Telecommunications Carriers in Australia Industry Market Research ... San Francisco Chronicle (press release) For these reasons, industry research firm IBISWorld has updated its report on the Mobile Telecommunications Carriers industry in Australia. Melbourne, Australia (PRWEB) May 24, 2012 Mobile phones have become the principal means of telephone ... |
MarketsandMarkets: Global Electro-Active Polymers Market Worth $3.4 Billion by ... - MarketWatch (press release)
MarketsandMarkets: Global Electro-Active Polymers Market Worth $3.4 Billion by ... MarketWatch (press release) DALLAS, May 24, 2012 /PRNewswire via COMTEX/ -- According to a new market research report, "Global Electroactive Polymers Market Trends, Applications and Forecasts (2012 - 2017)" published by MarketsandMarkets ( http://www.marketsandmarkets.com ) ... |
Ghana Autos Industry Performance in Q3 2012 Examined in New BMI Report ... - San Francisco Chronicle (press release)
Ghana Autos Industry Performance in Q3 2012 Examined in New BMI Report ... San Francisco Chronicle (press release) New market research report "Ghana Autos Report Q3 2012" worked out by Business Monitor International (BMI) has been recently published by Market Publishers Ltd. The report states that Ghana's autos market has grown rapidly in recent years owing to the ... |
ResearchMoz: China Solar Wafer Cutting Fluid PEG (Polyethylene Glycol ... - MarketWatch (press release)
ResearchMoz: China Solar Wafer Cutting Fluid PEG (Polyethylene Glycol ... MarketWatch (press release) 2012 Deep Research Report on China Solar Wafer Cutting Fluid PEG Industry was a professional and in-depth research report on the global and China Solar Wafer Cutting Fluid industry. Firstly, the report has introduced Solar Wafer Cutting Fluid basic ... |
Meat Processing in the UK Industry Market Research Report Now Updated by IBISWorld - San Francisco Chronicle (press release)
 TheHostingNews.com | Meat Processing in the UK Industry Market Research Report Now Updated by IBISWorld San Francisco Chronicle (press release) For more information on the Meat Processing industry, including latest industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation's largest publisher of industry research. Hair Styling Product Manufacturing in the US Industry Market Research Report ... Online Education in Australia Industry Market Research Report now updated by ... |