About This Chapter
Competitive Analysis Frameworks & Methods - Chapter Summary
Our instructors will help your employees navigate the competitive framework by explaining the methods and components of competitor analysis. These lessons will cover the following:
- Situation analysis in marketing
- Porter's four-component analytic frameworks and five forces behind strategic and functional decision making
- Methodologies behind competitive marketing
These engaging and immersive video lessons define the frameworks of competitive analysis in order to build a better total understanding of the market economy at work. Each chapter's key concepts are tested and verified with the accompanying chapter exams, ultimately confirming employees' understanding of key course concepts with a final exam.
How It Helps
- Develops awareness: Trends and strategies mold the forces that fuel the competitive market. Marketing professionals and managers who become aware of these and are able to analyze them can help your business appeal to a larger market.
- Ensures understanding: Decisions can't be made lightly in the business world. A comprehensive understanding of the competitive framework will determine the pros and cons to each business move.
- Prioritizes expertise: Managers and marketing analysts who have a thorough comprehension of the competitive business framework will become more informed decision makers and contribute to a business' greater success rate.
By the end of this chapter, business professionals will be able to:
- Use SWOT analysis as a decision making tool
- Explain Porter's four-component analysis of the competitive framework
- Observe the four aspect traits of a competitor
- Identify Porter's five forces behind the competitive market
- Convey the implications of these forces for strategic and functional decision making and profit margins and how they formulate competitive strategies
1. What is SWOT: Situation Analysis in Marketing
A successful business needs to know its capabilities as well as the marketplace in which it competes. In this video, learn how to define a mission statement and conduct a situational analysis.
2. Porter's Competitor Analysis Framework
Understanding competition and the potential threat to your business is critical to a successful business. By utilizing Michael Porter's Five Forces Model, you will be able to better analyze the competition in your industry.
3. Porter's Five Forces: Definition & Examples
There are many factors to consider when creating a business. One of the most important is the competitiveness of the industry. In this lesson, we look at Porter's Five Forces to analyze an industry's competitive forces.
4. Practical Application: Using Porter's Five Forces Model in Your Business
Industries have competitive forces that can make it difficult to make money. One way to analyze the viability of a business is to look at the competitive forces around it. This scenario asks you to analyze an industry based on Porter's Five Forces.
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