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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.
Skill Level Intermediate
- When you uncover intelligence about your competitors in the market, your new knowledge guides your product sales and business success. Compiling a competitive analysis is the best way to capitalize on your strengths and opportunities in the market, and to identify your competitive advantage. I'm Deirdre Breakenridge. For over 25 years, I have been teaching, writing, and consulting with businesses on how their products can be more competitive in the market.
This course is a journey through research and mapping intelligence. You'll gather important insights on competitors and through the analysis, you'll discover your own competitive edge. Together, we'll lay the foundation. You'll understand why and when to use your analysis. You'll also learn several important considerations even before you start. We're going to talk about how to define your top competitors, the different types of research through various methods, both first-hand accounts and secondary resources.
You'll dive into competitor strengths and weaknesses versus your own, and find out how customers truly feel about your competitor's offerings versus your own products. You'll gain new knowledge of competitor goals and strategies, dig deeper into market intelligence, and pull everything together in an evaluation framework. The final analysis will be compiled into a summary report that's carefully prepared with your executives in mind.
You'll present the highlights of your hard work, what a leadership team needs to know, including a clearly defined competitive advantage. Now, it's time to get to work. We can build your competitive analysis together. Let's get started.