Join Deirdre Breakenridge for an in-depth discussion in this video Determine competitor strengths and weaknesses, part of Marketing Foundations: Competitive Market Analysis.
- AJ Kitt the ski racer said, "You have no control…"over what the other guy does.…"You only have control over what you do."…Well, that's true.…But think about the control you would have…if you knew more about your competition's…strengths and weaknesses.…Let's take a look at a few important areas you can research.…First, you want to dive into the competitor's products…to uncover the scope of what they offer,…and what's favorable in the eyes of the customer.…This is all about product evaluation.…
There are a few essential questions you can ask…to evaluate your competition's product.…You want to ask, what is the range of products they offer?…How long have their products been on the market?…Where are the positive attributes…in the eyes of the customer?…Were there any negative attributes?…If you'd like a way to organize your answers…to these essential questions,…I've created a matrix to guide you.…To get started, download exercise file 02_03.…
Answer the questions from the perspective…of your top three competitors.…Along with product evaluation, you'll also see…
LinkedIn Learning (Lynda.com) is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- 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.