{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Competitor Analysis - CHAPTER FOUR ANALYZING YOUR MAJOR...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER FOUR ANALYZING YOUR MAJOR COMPETITORS What You Need to Know About Your Competitors’ Marketing Activities by Kenneth N. Thompson Associate Professor of Marketing University of North Texas College of Business Administration Denton, Texas Draft Not to be reproduced or quoted without the author’s explicit consent.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Few business decisions are made without contemplating how the decision will affect competitors or, just as importantly, how competitors will to respond to the decision. Needless to say, understanding the nature of the competition you face is essential. Competitors must be examined in detail to identify who they are, how they operate, and their relative strengths and weaknesses. Moreover, a careful examination of your key competitors can yield valuable insights into the how to best serve your customers. By systematically examining your competitors’ operations you can: Identify ways in which the market is segmented by looking for any differences between customer groups served by different competitors. Identify differences in basic wants and needs of customers and how effective different strategies may be in filling these needs. Identify customer groups that may be under-served or not served at all. Identify the market positions of competitors and the major competitive dimensions that contribute to this position. By determining how competitors are positioned and what marketing factors are important for creating and maintaining their position, you can decide how you want your product or service to be positioned to “differentiate” it from competitors. See how effective different pricing, promotion, product/service, and distribution strategies are by looking at how well they have worked for different competitors. Identify possible improvements to elements of the marketing mix to more effectively serve your own customers This chapter highlights the essentials of conducting a competitor analysis for your marketing plan. I begin by identifying the range of questions that must be addressed and then move into a detailed analysis of where and how to collect information about competitors. WHAT YOU NEED TO KNOW ABOUT COMPETITORS Chapters One and Three hinted at the major questions you need to answer about your competitors. The bottom line is that you need to understand how competition drives the way firms in your industry do business. More importantly, you need to know
Image of page 2
as much as possible about each of your major competitor’ operations. In particular, you must have a thorough understanding of how each of your major competitors markets its products and services. This understanding will allow you to identify your competitors’ objectives, strategies, strengths, weaknesses, and their likely reactions to your marketing activities. The he key questions that you must answer about your competitors are contained in Check Sheet 4.x: Check Sheet 4.x Questions Answered in a Competitor Analysis  Who are your major or “key” competitors? 
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern