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Competitor Analysis Chapter3

Competitor analysis is an essential part of corporate strategy that assesses strengths and weaknesses of current and potential competitors to identify opportunities and threats. However, many firms do not conduct competitor analysis systematically and instead rely on informal impressions, which can lead to dangerous blindspots. One useful technique for competitor analysis is constructing a competitor array, which involves defining the industry, determining competitors and customers, identifying key success factors, weighting the factors, and rating competitors on each factor.

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23 views1 page

Competitor Analysis Chapter3

Competitor analysis is an essential part of corporate strategy that assesses strengths and weaknesses of current and potential competitors to identify opportunities and threats. However, many firms do not conduct competitor analysis systematically and instead rely on informal impressions, which can lead to dangerous blindspots. One useful technique for competitor analysis is constructing a competitor array, which involves defining the industry, determining competitors and customers, identifying key success factors, weighting the factors, and rating competitors on each factor.

Uploaded by

rmrocky91
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We take content rights seriously. If you suspect this is your content, claim it here.
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Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.

This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling coalesces all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, [1] implementation, monitoring and adjustment. Competitor analysis is an essential component of corporate strategy. It is argued that most firms do not conduct this type of analysis systematically enough. Instead, many enterprises operate on what is called informal impressions, conjectures, and intuition gained through the tidbits of information about competitors every manager continually receives. As a result, traditional environmental scanning places [2] many firms at risk of dangerous competitive blindspots due to a lack of robust competitor analysis. [edit]Competitor

array

One common and useful technique is constructing a competitor array. The steps include: Define your industry - scope and nature of the industry Determine who your competitors are Determine who your customers are and what benefits they expect Determine what the key success factors are in your industry Rank the key success factors by giving each one a weighting - The sum of all the weightings must add up to one. Rate each competitor on each of the key success factors Multiply each cell in the matrix by the factor weighting.

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