Steps to realize the analysis of the competition

28 November 2008 - 19:48

The analysis of the competition consists of the study and analysis of our competitors, so that, later, on the basis of this analysis, to make decisions or to design strategies that allow us to compete suitably with them.

We see next which are the steps necessary to realize the analysis of the competition:

1. To determine our needs or training targets

In the first place we determined which is the necessity, objective reason or of the analysis of our competitors, what is what we want to obtain in this way, for example, we can want to analyze our competitors to know its points weak, and thus, to be able to remove benefit from them, or can want to analyze our competitors to know its main strategies, and thus, to be able to take them like references for our business.

2.

Basing us on our training target, we determined which will be the information that we will need to collect of our competition, for example, if our objective is to know its points weak, the information that we could collect could be the referring one to its processes, its logistics, its capacity of manufacture, its capacity of supplying, etc. If our objective is to know its main strategies, the information that we could collect could be referring to its products or services, its advertizing channels of distribution, their means, their prices, their points of sale, etc.

3. To determine sources of intelligence and techniques or methods to collect it

We determine from where we will obtain the required data, and what methods we will use to obtain it, for example, we can choose to use observation techniques or of pursuit, for example, we can visit its premises, we can buy its products, thus to be able to analyze them better; or we can to do use of small surveys, interrogating to people that has proven their products or services, that have visited their premises, or even people who have worked in their companies.

4. To collect and to analyze the information

Once we have determined the information that we will need, the sources from where we will secure and the methods to it that we will use to obtain it, we happened to collect it, and later to analyze it and to draw our conclusions.

5. To make decisions and to design strategies

And, finally, on the basis of our analysis and to conclusions that we have arrived, we happened to make decisions and to design strategies, for example, if there are shortage that one of the weak points of my competition are their high costs and, therefore, its incapacity to maintain prices low, we can choose to lower our prices, and to block it and thus be able to gain market to them. If there are shortage that its strategy to make publicity in Internet is the one that majors benefits it is giving them, we can choose to take like reference this strategy and adapt it to our business.

Labels: Study of market, Marketing, Step by step

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