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.
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:
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