Welcome to Market Research Guide
Online Paid Market Research Surveys 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.
Online Paid Market Research Surveys News
YellowSurveys.com Announces New and Exciting Legitimate Paid Surveys
Having already helped thousands of people make it big in the world of online work, YellowSurveys.com today announces new and exciting legitimate paid surveys.Petrie QLD (PRWEB) April 27, 2012 While making regular cash is still hard for many, thousands are turning to YellowSurveys.com to make a extra money filling in paid online surveys.The company has seen so much recent success that they are ...
Read more...Australian Paid Surveys Announces Innovative New Ways to Make Money
PETRIE, Australia, April 30, 2012 /PRNewswire/ -- While making a living these days can be tough, the people at Australian Free Paid Surveys have proven that working from home may not be as tough as it ...
Read more...Research Roundup: Why Some Hackers Won't Sell Out, the Mysteries of Medigap and Improving Travel Search Engines
Is the promise of potentially lucrative commercialization enough to lure software hackers out from underground? What drives the vast pricing differences in the Medigap market? Can more finely tuned online ranking systems help consumers get better value from their hotel choices? Wharton professors Ethan Mollick and Amanda Starc and visiting professor Anindya Ghose, respectively, offer answers to ...
Read more...The Tellwut Online Survey Site Launches Blog
Site offers up detailed results of most popular survey topicsToronto, ON (PRWEB) May 13, 2012 Popular online survey site Tellwut.com has launched a blog to publish the results of its most popular user submitted surveys as well as to provide tips on creating the best surveys and how to take advantage of free market research opportunities utilizing the tellwut voter base."Our opinion polls are ...
Read more...ATCA Suppliers Face a Value Challenge, Heavy Reading Reports
CAMBRIDGE, Mass., May 14, 2012 /PRNewswire/ -- A new survey of telecom and networking equipment manufacturers shows that while more than half of those vendors are using Advanced Telecom Computing Architecture ...
Read more...