Join Deirdre Breakenridge for an in-depth discussion in this video When to conduct a competitive analysis, part of Marketing Foundations: Competitive Market Analysis.
- There are some who think a competitive analysis…is just a quick Google search of competitors.…You check out a page of search results, and you're done.…Far more goes into a competitive analysis,…and the timing is just as important…as the information you uncover.…Still, a competitive analysis is not a single exercise…that happens once a year.…So when do you know it's time…to dive deeper into the world of your competitors?…Here are a few situations that require you…to dig deep into the competition.…
First, when you're creating your business plan.…Every business has competitors.…Competitive analysis as a part of your business planning…is a way to assure that your business will survive…and thrive competitively in the market…because you're focused on the current competitors…and your potential competition too.…Second, when you're working on your marketing plan.…This application of the competitive analysis…is the most well-known.…Marketers are fully aware that an essential part…of their marketing plan is a competitive analysis.…
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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.