Competitor Analysis In Services Management
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Transcript of Competitor Analysis In Services Management
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Competitor analysis
Chapter 4
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Competitor analysis
In the recent times the Businessenvironment has changed tremendously
The degree of competition has alsoincreased immensely.
Organizational strategies need to bemodified to match with competition and ifpossible to out beat them.
Therefore the critical evaluation ofcompetitive environment is crucial for thesuccess of an organization.
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Sources of information
To analyze competitive environment ,it is
necessary to collect information. There are
basically 2 sources to collect suchinformation.
Secondary
Primary
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Sources of information
Secondary data, It refers to information collected by someoneelse.
1. Internal sources (database of co)
2. Newspaper
3. Annual reports
4. Business journals
5. News release
6. Promotional Literature
7. Trade periodicals
8. Consultants
9. Trade associations10. Government sources
11. Internet
And much more
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Sources of information
Primary data refers to data collected
directly from the market place firsthand.
1. Sales force2. Employees
3. Suppliers
4. Consultants5. Research & Development
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Product Feature MatrixFor better understanding of the competitors company
should prepare a competitors product feature matrix asper below steps:-
1. Define type of Industry (nature scope)
2. Determine who are competitors
3. Determine who are its customers & their expectations
4. Determine what are key success factors5. Give Weigtage to each success factor
6. Rank each competitor on each of the key successfactor
7. Assess the overall strength of competitor relative toeach factor.
Such an evaluation helps company in understnading wheredo they stand in the market compared to itscompetitor.
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How Company fights competition?
Marketing strategy
Differential Advantage
Determination of key Areas Developing core competences
Core Products
Strategic orientations based on Differentialadvantage & business scope
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Product positioning
Positioning Placing a product at a certain point or
location within a market in the minds of prospective
buyers. Distinguishes firms offerings from its
competitors.
May develop a positioning map and reposition product
as necessary