Join Deirdre Breakenridge for an in-depth discussion in this video Analyze competitor market research, part of Marketing Foundations: Competitive Market Analysis.
- When the PalmPilot launched in 1996,…they were all the rave with busy executives.…PalmPilots were handheld devices…that allowed you to store your meetings, phone numbers…and keep notes all in one device…but the PalmPilot doesn't exist today.…Even though it had great features…and plenty of benefits professionals loved,…people grew tired of it.…If PalmPilot had better analyzed their competition,…then perhaps they would still be a marketable brand today.…
Consider a few key areas when analyzing…your competitor research, market share,…strengths and weaknesses, market changes,…and future competition.…Let's take a look at each area to give you…a clear path for your analysis.…Number one, let's start with how you can measure…your competitor's market share.…When you're gathering sales volume…and you know the total sales in your industry,…then you can compute market share.…
Take each competitor's sales volume…and divide it by the total industry sales figure…to determine their slice of the market…then use the same calculation for your own company.…
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- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.