Join Deirdre Breakenridge for an in-depth discussion in this video Specify competitor goals, part of Marketing Foundations: Competitive Market Analysis.
- Could you grow your business if you didn't know…your main goal and the strategies to reach customers?…Absolutely not.…You need goals and strategies.…It's safe to say that your competitors are working…diligently to do the same.…That's why you have to identify your competitor's goals.…What are they trying to achieve?…And pinpoint their strategies too.…This is how they're going to accomplish their goals,…or what approach they're going to take to achieve them.…If you know their goals and strategies,…then you can develop informed counter strategies,…or the ways that you'll attack your competitor's weaknesses…and gain market share using your present strengths.…
A counter strategy uses tactics to stop your competitor's…strategy from working.…Now, that's competitive intelligence that offers…a clear picture and moves you from reactive company,…not on the radar, to a serious market contender.…When you know this information, you'll be a more strategic…player in the market, outsmarting the competition…every step of the way.…
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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.