Well let’s face it; competitors are everywhere and competition boosts industries and drives economies.
So why do some organisations think it’s best to stick with original plans and ignore the competition, whilst others become obsessed with tracking the actions of competitors, following them with obsessive detail, just to end up copying or reacting to competitive tactics that may or may not have been effective. Either way, the common theme throughout all this is that all competitors are looking for a slice of the pie.
Competitor analysis, also known as competitive intelligence, is a key planning challenge, regardless of industry, and a critical part of business planning.
Assessing the strengths and weaknesses of current and potential competitors conducting a competitor analysis helps businesses to understand competitive advantages, therefore generating an understanding of competitors past, present and future strategies.
Direct or indirectly, competitor analysis is a driver of business strategy and impacts on how a business acts or reacts in the market place.
Giving businesses a strong market understanding that drives business strategy, a competitor analysis, together with an understanding of major environmental trends, gives businesses purposeful competitive intelligence and coordinated with monitoring of competitors, wherever and whoever they may be, provides an informed basis to develop strategies to achieve a competitive advantage for businesses to enjoy a successful future.
By undertaking a competitor analysis businesses will understand the internal and external forces influencing their customers. In the highly fragmented world of consumerism, competitor analysis becomes a vital part of strategic thinking and planning in businesses today.
Through the investigation of attitudes, influences and reasoning behind competitive analysis, market intelligence and consumer behaviour, professional marketeers can steer organisations through the turbulent marketing environment; and by accomplishing this more successfully than competitors, give businesses a real competitive advantage.
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