About This Chapter
Competitor Identification & Analysis - Chapter Summary
Content in this chapter informs employees on what to look for when evaluating a potential competitor. Specific issues that your employees will become familiar with include:
- How to correctly decide whether a business constitutes a competitor
- Collecting the needed information on a competitor for a helpful analysis
- The major objectives of a competitor analysis
The short video lessons help ensure that the competitor analysis strategies and goals taught in the chapter are understood and successfully applied by each employee. A practice quiz corresponds with each lesson for you to quickly and accurately assess your employees' grasp of competitor identification methods and analytical approaches.
How It Helps
- Increases competitiveness: Employees will know how to tailor marketing strategy according to the competitor profiles they construct.
- Broadens resourcefulness: This chapter familiarizes your employees with the different kinds of documentation to seek in order to get the complete picture of a competitor.
- Guides predictions: By completing this chapter, employees will have the expertise to forecast how competitors may respond to a business move.
By the end of this chapter, employees will be able to:
- Identify the particular level of competitor that a given business fits into
- Decide on which businesses to actively compete against
- Know how to interpret an action taken by a competitor in the market
1. Identifying & Analyzing Business Competitors
Knowing who your competitors are, and what their strengths and weaknesses are, will help you create a competitive advantage. It will also help you look for good opportunities in your market.
2. Goals of Competitor Analysis: Strategies & Actions
Every company needs to know more about the competition to gain an edge. This lesson will explain competitor analysis, the need for it, and the goals and strategies of analysis.
3. How to Conduct Competitor Analysis
Conducting competitor analysis is vital to determine your own strengths and weaknesses compared to your competitors. In this lesson, we will identify how to determine direct and indirect competitors.
4. Practical Application: Conducting Competitor Analysis
Every business has competition. Some competitors are obvious and some are not so obvious. Apply what you have learned about analyzing the competition in these scenarios to identify possible competitors.
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