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Competitor analaysis

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A competitive analysis involves gathering information about competitors' products, practices, strengths, and weaknesses in order to assess one's own position in the market. It helps businesses identify ways to attract new customers and retain existing ones. A competitive analysis reveals a company's strengths and weaknesses compared to competitors, identifies primary and secondary competitors, and determines how products and marketing can be improved. It evaluates the features and functions of a company's products against competitors' offerings.

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COMPETITORS ANALYSIS Topic
COMPETITORS ANALYSIS  Definition: Competitive Analysis is a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies.
WHAT IS THE PURPOSE OF COMPETITIVE ANALYSIS In today’s market, you must know what your competitors are doing and what to do to stay ahead of the competition. Many businesses believe they are providing a good product to their customers, but do not have reliable information showing how customers perceive their product or how it compares to the competition. A Competitive Analysis performed by an unbiased third party is an invaluable tool because it can help you identify ways to attract new customers, as well as keep the ones you have satisfied with your products.
COMPETITORS ANALYSIS CAN HELP YOU DETERMINE Steps of determining Competitors Analysis :  Strengths and weaknesses:  Identify your competition:  Improvements:  Marketing:
COMPETITIVE ANALYSIS CAN HELP YOU DETERMINE THE FOLLOWING: 
COMPETITIVE ANALYSIS CAN HELP YOU DETERMINE THE FOLLOWING:  Strengths and weaknesses: How your product stacks up against the competition and in what areas they have an edge over your product and in what areas your product is superior.  Identify your competition: Verify who your primary and secondary competitors are.  Improvements: How and in what areas your product, processes, and practices must be improved to meet market demands or to stay ahead of the competition.  Marketing: What improvements you need to make in your marketing approach – you may want to highlight why your product is ahead of the competition, or the unique features that consumers desire.
WHAT WILL COMPETITIVE ANALYSIS REVEAL ABOUT MY PRODUCTS?  What products compete with yours  What advantages your products have over the competition  What disadvantages your products have when compared to the competition  The readiness of a new product in the market
WHAT IS APPROACH TO COMPETITIVE ANALYSIS? Evaluates features and functions of your products and those of the competition. Staffing: A Project Leader and Competitive Analysis Engineers to test and evaluate your product. The Project Leader’s primary responsibility is to ensure that our testing your requirements and is executed according to the agreements Scope: Before the Competitive Analysis is started, Engineers will collaborate with you to define the scope of the analysis – which of your products and which of your competitors and their products will be included in the test. Test Case Scenarios: ensure all features and functions are included. Competitive Analysis Report: At the conclusion of testing your product, you will receive a detailed on-line Competitive Analysis Report from the Project Leader and the Engineers. This report will outline the results of comparing your product against the market.
TYPES OF COMPETITORS ANALYSIS
TYPES OF COMPETITOR  Direct Competitor:  Same Product  Same Market  Same Goals  Indirect Competitor:  Different Product  Same Market  Same or Different Goals  Replacement Competitor:  Substitute Product  Same Market  Time/Money
Competitor analaysis

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Competitor analaysis

  • 2. COMPETITORS ANALYSIS  Definition: Competitive Analysis is a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies.
  • 3. WHAT IS THE PURPOSE OF COMPETITIVE ANALYSIS In today’s market, you must know what your competitors are doing and what to do to stay ahead of the competition. Many businesses believe they are providing a good product to their customers, but do not have reliable information showing how customers perceive their product or how it compares to the competition. A Competitive Analysis performed by an unbiased third party is an invaluable tool because it can help you identify ways to attract new customers, as well as keep the ones you have satisfied with your products.
  • 4. COMPETITORS ANALYSIS CAN HELP YOU DETERMINE Steps of determining Competitors Analysis :  Strengths and weaknesses:  Identify your competition:  Improvements:  Marketing:
  • 5. COMPETITIVE ANALYSIS CAN HELP YOU DETERMINE THE FOLLOWING: 
  • 6. COMPETITIVE ANALYSIS CAN HELP YOU DETERMINE THE FOLLOWING:  Strengths and weaknesses: How your product stacks up against the competition and in what areas they have an edge over your product and in what areas your product is superior.  Identify your competition: Verify who your primary and secondary competitors are.  Improvements: How and in what areas your product, processes, and practices must be improved to meet market demands or to stay ahead of the competition.  Marketing: What improvements you need to make in your marketing approach – you may want to highlight why your product is ahead of the competition, or the unique features that consumers desire.
  • 7. WHAT WILL COMPETITIVE ANALYSIS REVEAL ABOUT MY PRODUCTS?  What products compete with yours  What advantages your products have over the competition  What disadvantages your products have when compared to the competition  The readiness of a new product in the market
  • 8. WHAT IS APPROACH TO COMPETITIVE ANALYSIS? Evaluates features and functions of your products and those of the competition. Staffing: A Project Leader and Competitive Analysis Engineers to test and evaluate your product. The Project Leader’s primary responsibility is to ensure that our testing your requirements and is executed according to the agreements Scope: Before the Competitive Analysis is started, Engineers will collaborate with you to define the scope of the analysis – which of your products and which of your competitors and their products will be included in the test. Test Case Scenarios: ensure all features and functions are included. Competitive Analysis Report: At the conclusion of testing your product, you will receive a detailed on-line Competitive Analysis Report from the Project Leader and the Engineers. This report will outline the results of comparing your product against the market.
  • 10. TYPES OF COMPETITOR  Direct Competitor:  Same Product  Same Market  Same Goals  Indirect Competitor:  Different Product  Same Market  Same or Different Goals  Replacement Competitor:  Substitute Product  Same Market  Time/Money