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(v1-1.3) Competitive analysis


   
   
   
   
   
   
   
   

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What is competitive analysis about?
click to LEARN more about competitive analysis    The previous section focused on to conduct a market analysis. By identifying several markets in which the existing business is part of, we also identify several sets of business competitors. In each of those markets the business faces its competitors on the playing field. For example, if a fitness club offers group yoga classes as well as a vegetarian restaurant, it has three sets of competitors: fitness clubs, entities offering group yoga classes and vegetarian restaurants.

The emergence of increased competition since the industrialized age was the main contributor to the growing need in a behavioral science called marketing.
Companies initiate marketing-oriented activities, and when needed, do respond, in accordance to perceived competition.
How can you know for sure who your competitors are?
> learn more

A practical tip!
Conduct a non-official marketing survey for consumers that you can easily approach and ask them a basic question such as: "If we aren’t open during the hours you like to shop, where would you go to get your groceries?" or "If there are no tables available at our restaurant, where would you go to have dinner istead?"

Selected "quotes" from sample marketing plans
We were surprised to find out that our direct competitors were not those shops in our mall; we always considered as obvious competitors, but a selection of branded high street shops.
A mall shoe store, Chicago, Illinois, USA

What can you write in YOUR marketing plan?
Based on an unofficial survey with some 50 clients during the 3rd quarter of this year, we have re-identified our direct competitors as...




   
   

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