COMPETITOR ANALYSIS
COMPETITOR ANALYSIS
After a firm has gained an understanding of the industry and the target market in which it plans to compete, the next step is to complete a competitor analysis. A competitor analysis is a detailed analysis of a firm’s competition. It helps a firm understand the positions of its major competitors and the opportunities that are available to obtain a competitive advantage in one or more areas.These are important issues, particularly for new ventures.17 In the words of Sun-tzu, quoted earlier in this chapter, “Time spent in reconnaissance is seldom wasted.”
First we’ll discuss how a firm identifies its major competitors, and then we’ll look at the process of completing a competitive analysis grid, which is a tool for organizing the information a firm collects about its primary competitors.
After a firm has gained an understanding of the industry and the target market in which it plans to compete, the next step is to complete a competitor analysis. A competitor analysis is a detailed analysis of a firm’s competition. It helps a firm understand the positions of its major competitors and the opportunities that are available to obtain a competitive advantage in one or more areas.These are important issues, particularly for new ventures.17 In the words of Sun-tzu, quoted earlier in this chapter, “Time spent in reconnaissance is seldom wasted.”
First we’ll discuss how a firm identifies its major competitors, and then we’ll look at the process of completing a competitive analysis grid, which is a tool for organizing the information a firm collects about its primary competitors.
COMPETITOR ANALYSIS
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This is the best way to analyze what your competitor is doing to get top positions. Also, you can understand the strength and weakness of your potential competitors.
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