Marketing analysis of competitors
Each firm that enters the market orplans to do this, is faced, first of all, with an obstacle. In the role of such a barrier are other competitors, that is, firms whose activities are related to this market of goods or services. Competition is the relationship between these firms. And this makes it necessary to regulate its activities, clearly adjust it to market parameters, analyze competitors, study their activities, successes and misses.
The situation in the market is unstable. If the competitors act in a timely manner, then your position and importance in the market may change. Therefore, strong marketing and timely actions are simply necessary. After all, marketing strategy is needed today, and it will help to become stronger. A strategic decision that is made on time and correctly, can play a key role in the success of your organization. It is these solutions, in the final analysis, that can have a decisive influence on your products, their competitiveness and the enterprise as a whole.
The analysis of competitors' activity will show their weakand strengths, will help to identify the most effective strategies that are appropriate to apply. Also, the analysis of the question of who should be considered a competitor in this field is able to provide a lot of information. After analyzing the competitors, you will know what steps they can take in the near future. And this, in turn, will help to offer the market exactly the product by which competitors will be pushed and the market is captured.
It is very important to giveoperative information about their competitors, their new services and products. This will enable you to quickly analyze and respond, protecting your market share.
What does the analysis of competitors suggest? First of all, this is a thorough examination of existing, as well as potential rivals. You determine and evaluate the strategies of their positioning, identify and analyze their weak and strong sides. Conduct an assessment of the perception of competitors by target groups of consumers. And much more important is the analysis of PR activities of competitors, as well as their advertising campaigns.
Here's what you get by marketing your competitors:
- a comparative analysis of all market participants. This includes identifying your company's competitors, assessing the market share that they occupy, assessing the possible reactions of competitors, etc .;
- determination of the strengths and weaknesses of each of the participants in the market;
- identification of barriers to entry;
- information on the prospects for conducting competition;
- Recommendations related to the development of activities that will contribute to the competitiveness of the enterprise.
If the analysis of competitors is carried out, thebase on competing firms and goods. At the same time, you should rely on such issues as: market share by type of goods that competitors occupy; volume of turnover of each competitor, sales organization, price policy, terms and conditions of delivery and much more.
As a result of such an audit, you have the opportunity to understand why your competitors are acting that way. Based on this, you will choose your strategy.