From the course: Learning Package Design
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Understanding the competition
- Understanding the competition is key in setting up the foundation for success. Whatever the subject matter, identifying your current competitors and the competitive landscape will help uncover the future opportunities and competition. There are many ways to conduct research, such as the common SWOT Analysis: strength, weakness, opportunities and threat. And STEEP Analysis: social, technological, economical, environmental, and political. Other research methods include qualitative analysis that focuses on non-measurable data like brand image, consumer feelings, consumer lifestyles; and quantitative analysis, which looks at measurable and verifiable data like earning statistics, market share, and composition of target user groups. There are a number of ways to measure the competition and the research tools used to do this can be time intensive and require a sizable budget. But what if the resources are tight or you're working with a smaller company or client? Most of the time research…
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