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Why do Competitors’ Analysis?

Why a Competitors’ analysis

A key step for the company’s success is the identification of the actors who already hold shares in the relevant market or those they may obtain in the future: then analyze the "competition". To do this it must have adequate information on market positioning, segmentation and the results obtained by competitors.
Competitors not only threaten the company constantly, but they affect its performance, its financial results and may modify the current and future opportunities in the market. So it is crucial to set a competitors’ analysis. For this purpose we need to understand and evaluate:

  1. How it is located and how is interpreted the competitors’ offer in relation to the question made by the company, the characteristics of the variables of the marketing mix and how the competitors are perceived by the customers themselves;
  2. The kind and the degree of product differentiation (width and depth);

Competitor’s analysis:

Profile of potential behavior

Ability

Which are the strengths and the weaknesses

Objectives

What moves the competitor and in which direction

Strategy

What do and what can do the competitor

Reaction

Evaluation of reaction ability

Benchmark analysis

A way to evaluate the real potential of the company involved in the analysis is the comparison between the performance of the company with those of the “best” competitor, through a continuous and quantitative process of measurement of products - services – processes.

The final aim of a benchmark analysis is the knowledge of which strategies competitors, especially those that are “best”, have implemented to achieve its performances; therefore, it’s possible to evaluate what margins for improvement there are for the company, to identify which business models to follow and to define an own growth’s path.

Design
  • What and who submit to the comparison

  • Methods of collecting, processing and comparing data
Execution
  • Initial Search
  • Specific analysis
  • Direct Search
  • Company visits
  • Surveys
  • Interviews
  • Telephone
  • Web
  • Video conferences
  • Collection materials
Comparison
  • Organization and comparison of information collected
  • Differences’ identification
  • Benchmark report’s drafting
Continuous Improvement
  • Causes’ analysis



  • Benchmark future activities’ organization

Company Profile, Strengths and weaknesses, Range of products/services




Benchmark products, Benchmark services

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