Welcome to Market Research Guide
Ate Market Research Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Competitor Analysis
from:The 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.
Ate Market Research News
Advantest Captures Highest Distinction in Annual Customer Satisfaction Survey
Advantest Corporation , the global leader in semiconductor test equipment, today announced that results of the annual VLSI Research Customer Satisfaction Survey identify the company as THE BEST supplier of test equipment according to global customer ratings.
Read more...Frost & Sullivan: Growth of Telecom Industry Spurs China's General Purpose Test Equipment Market
BEIJING, May 24, 2012 /PRNewswire/ -- China's constant investment in its telecom and aerospace and defense industries is boosting the demand for general purpose test equipment. Such demand is leaning towards ...
Read more...Global Micro-Electromechanical Systems (MEMs) Devices Industry
NEW YORK, May 16, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue: Global Micro-Electromechanical Systems (MEMs) Devices Industry http://www.reportlinker.com/p0459150/Global-Micro-Electromechanical-Systems-MEMs-Devices-Industry.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Electroni This ...
Read more...The father of the Philadelphia farmer's markets
It’s farmer’s market season once again, and Bob Pierson is zipping around the edges of Rittenhouse Square this Saturday morning long before any customers arrive, helping farmers hoist their white tents, moving folding tables and heavy coolers, counting heads, and ticking off the minutes till the eight-year-old market reopens, like it’s the Kentucky Derby or something. On the dot of 9, Pierson ...
Read more...ETF Trading Report: Short Dow, Euro ETF In Focus
ETF Trading Report for May 23rd: Stocks started the day on a down note but rebounded in the final hour of trading. In ETF moves, FXE and DXD saw outsized trading volume.
Read more...