Competitor Analysis: By: Aastha Khandelwal Akhil Kumar Dindore
Competitor Analysis: By: Aastha Khandelwal Akhil Kumar Dindore
Competitor Analysis: By: Aastha Khandelwal Akhil Kumar Dindore
ANALYSIS
B Y: A A S T H A K H A N D E L W A L
AKHIL KUMAR DINDORE
1 4 . 11 . 2 0 1 9
INTRODUCTION
C O M P E T I T O R A N A LY S I S
Identifying your competitors and evaluating their strategies
to determine their strength and weakness relative to those
of your own product and services.
• Survive
• Handle slow growth
• Exploit opportunities
• Uncover key factor
• Improve quality of decision
• Stay competitive
• Avoid surprises
COMPETITION
OPERATING AT FOUR
LEVEL
• Direct competition: These businesses offer the same products and services to the same clients within the same
territory as your business.
• Secondary or indirect competition: Businesses that offer slightly different products and services or target a different
clientele within the same territory.
• Substitute competition: Businesses that offer different products and services to the same clients in the same
territory.
Gather information about your main competitors
Once you’ve identified your main competitors, you’ll want to gather as much information as possible about them.
You can try to compile the following information about your competitors:
• Products and services—Evaluate their products or services and compare them to your own, ideally by purchasing them
and trying them out. How is the quality? What features do you like or dislike? Who are their suppliers? Does it respond to
consumer preferences?
• Pricing—How are their products and services priced? Do their prices vary for channel partners and customers? What is
their discount policy? Can you estimate their cost structure?
• Positioning and branding—Analyse your competitors’ websites, product documents, brochures and catalogues. Follow
them on social media and visit them at trade shows. What are their target markets? What is their unique selling
proposition?
• Market reputation—Talk to customers, suppliers and distributors to get their views. What do they know about your
competitors? What are their opinions about their products, sales and marketing strategies and customer service?
Analyse the competition’s strengths and weaknesses
• Preparing a written evaluation of your competitors will allow you to compare their
performance with your own.
• You can list your competitors and write out their respective strengths and weaknesses. Are
they popular because of their location? Visibility? The quality of their staff? Are their prices
too high? Or does their product lack a key feature that’s demanded by your target
customers?
• This analysis will give you an idea of how you can adapt your strategy to counter their strong
points and take advantage of their weak points.
Talk to your competitors directly
• It can be a good idea to get to know your competitors personally. In fact, taking that first step can often
lead to a relationship that’s beneficial for both sides.
• Indeed, it’s not unusual for two companies to compete sometimes and co-operate at other times. For
example, a competitor may be willing to refer customers to you if they don’t serve a particular market
niche. But to do so, they have to know, trust and like you.
• Even if you can’t come to an understanding with your competitors, talking to them can still help you
gather important information to help you differentiate your business in the market.
Identify your competitive advantage
• Analysing the competitive landscape will help you identify your competitive advantage. Maybe it’s lower
prices or promotions that attract new customers—but remember that this type of strategy can be copied
by your competition and might not be viable in the long run.
• Taking advantage of a weakness in the competition is always a good idea. But is it sustainable? A
competitive advantage should ideally be a great strength that’s distinctive and can appeal to your target
clients. Identifying your competitive advantage will help you create your messaging and brand image by
relying on your key differentiator.
• Another way of looking at it is that it’s important to keep tabs on the competition and improve your
business in response, but you shouldn’t allow concerns about what others are doing to dominate your
strategy.
PORTER’S APPROACH TO
COMPETITIVE
STRUCTURE ANALYSIS.
Product
• It has a vital role in developing the strategy for the overall marketing mix which includes
place, price and promotion.
• A product can either be a tangible goods or an intangible service that fulfils a need or want of
consumers.
• A marketer/manufacturer should know that what there product is and what make it unique
before you can successfully market it.
Pricing
Once a concrete understanding of the product offering is established we can start making
some pricing decision. Price determinations will impact profit margins, supply, demand and
marketing strategy.
The questions that are being raised because of it is:
• What is the pattern of price changes over time?
• If the strategy is quality based, what is the price differential claimed?
• Are discounts being offered?
Promotion
We have got a product and a price now it’s time to promote it. Promotion looks at the many ways
marketing agencies disseminate relevant product information to consumers and differentiate a
particular product or services
With respect to sales management:
What kind of selling approaches are being employed?
Are the salespeople aggressive in obtaining new accounts?
What are their commission rates?
In terms of advertising:
What media are being used?
What creative activities?
Promotion includes elements like advertising, public relations, social media, e-mail and more.
Place
• Marketing is about putting the right product, at the right place, at right price, at the right time.
• It’s critical them, to evaluate what the ideal locations are to convert potential clients into
actual clients.
Is the brand being emphasized in certain channels?
SWOT ANALYSIS
THANK YOU!