Join Deirdre Breakenridge for an in-depth discussion in this video What is a competitive analysis?, part of Marketing Foundations: Competitive Market Analysis.
- Far too often, I hear marketers and their executives say,…"We don't have any competitors," or they say,…"No one can do what we do."…Sometimes I hear, "We're unique and in a class of our own."…Think again.…Your competitors are out there and they're watching you.…So you have to watch them just as closely.…A competitive analysis is the research, review…and final evaluation of your competitors.…The information that you uncover from your…competitive analysis will help you to create…and maintain a competitive advantage.…
A competitive analysis helps you to strategize…and outmaneuver your competitors.…It's also important to know…what a competitive analysis is not.…After all, you're going to put time, money…and energy into your analysis,…so I want you to avoid the pitfalls.…Here's what you need to keep in mind.…A competitive analysis is not a one-time exercise.…The market changes and so do the players.…And a competitive analysis is not…a full market research program.…
You still have to conduct other forms of research…
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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.