Join Deirdre Breakenridge for an in-depth discussion in this video The benefits of competitive analysis, part of Marketing Foundations: Competitive Market Analysis.
- A competitive analysis takes resources,…but what's the benefit of spending all this time…allocating employees and making the monetary investment?…Let's start with the obvious reasons.…First you can compete more effectively.…Think of your competitive analysis as a scouting report.…The intelligence helps you to…better define the market landscape.…It gives you clear picture of how you can…compete more effectively by understanding…important market factors.…
These include the number of direct competitors,…and their strengths, any market challenges you may face,…including technological or regulatory, and…the maturity of your industry, as well as…any of the barriers to entry.…Another reason a competitive analysis is beneficial…is that you capitalize on your competitors' weaknesses.…When you uncover and evaluate your competitors…strengths and weaknesses, you can compare…this research to you own company and its products.…
The goal is to strengthen your position…while taking advantage of your competitors' shortcomings.…
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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.