Definition of Competitor Analysis
Competitor Analysis is defined as the analysis of the strengths as well as weaknesses of present and potential competitors. This assessment provides an offensive as well as a defensive strategic context in order to recognize opportunities along with threats.
Competitor Analysis is a crucial aspect of Corporate Strategy. Many people believe that numerous firms avoid conducting a thorough Competitor Analysis in an organized way. This may lead such firms into the risk of dangerous competitive positions where the firm may not be able to counter its competitor.
Textbooks on Competitor Analysis
If marketers need to be experts in the topic or skill of Competitor Analysis then they surely need to refer to relevant textbooks in this regard. Details of some textbooks have been mentioned as follows:
- Business And Competitive Analysis: Effective Application Of New And Classic Methods by Fliesher and Fliesher Craig S (Published by Pearson Education India – Year 2008).
- Modern Competitive Analysis by Sharon M. Oster (Published by Oxford University Press – Year 1999).
Examples of Competitor Analysis
Example 1: An interesting example of Competitor Analysis can be its utilization through Competitor Array. In this technique, various steps are followed like defining one’s industry, identifying the competitors, recognizing the customers and their expectations, identifying the key success factors, then rank these factors by assigning each one of them weightings that will add up to a total of one. Then each competitor can be rated on each of these key success factors and finally each cell within the matrix can be multiplied by the factor weighting.
Example 2: Another interesting example of Competitor Analysis can be through the utilization of Media Scanning. If a competitor’s ads are analyzed carefully then a firm can come to know about its marketing strategy and target market as well:
- New Product Offerings, New Product Purchases or New Branding Strategy can be revealed.
- New Positioning Strategy, new segmentation strategy or new strategic direction can be revealed.
- Finally, latest promotional strategy, new pricing strategy or even new distribution partners may also be revealed.
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