Every firm that performs on the market or plans to do this is faced, first of all, with an obstacle. In the role of such an obstacle are other competitors, that is, firms whose activities are related to this market of goods or services. Competition is the relationship between these firms. And this makes it necessary to regulate its activities, clearly adjust it to market parameters, analyze competitors, study their activities, successes and misses.
The situation in the market is unstable. If the competitors act in a timely manner, then your position and importance in the market may change. Therefore, strong marketing and timely actions are simply necessary. After all, marketing strategy is needed today, and it will help to become stronger. A strategic decision that is made on time and correctly, can play a key role in the success of your organization. Such solutions, in the final analysis, can have a decisive influence on your products, their competitiveness and the enterprise as a whole.
The analysis of competitors' activity will show their weak and strong sides, will allow to find out the most effective strategies, which it is expedient to apply. Also, an analysis of the question of who should be considered a competitor in this field is able to provide a lot of information. After analyzing the competitors, you will know what steps they can take in the near future. And this, in turn, will help to offer the market exactly the product by which competitors will be pressured, and the market is captured.
Very great importance should be paid to obtaining operational information about their competitors, their new services and products. This will enable you to quickly analyze and respond, protecting your market share.
What does the analysis of competitors? First of all, this is a careful study of existing, as well as potential rivals. You determine and evaluate the strategies of their positioning, identify and analyze their weak and strong sides. Conduct an assessment of the perception of competitors by target groups of consumers. And even more important is the analysis of PR activities of competitors, as well as their advertising campaigns.
Here's what you get by marketing your competitors:
- a comparative analysis of all market participants. This includes identifying your company's competitors, assessing the market share that they occupy, assessing the possible reactions of competitors, etc .;
- determination of the strengths and weaknesses of each of the participants in the market;
- identification of barriers to entry into the market;
- information on the prospects for conducting competition;
- Recommendations related to the development of activities that will contribute to increasing the competitiveness of the enterprise.
If the analysis of competitors is carried out, the base on competing firms and goods is formed. At the same time, you should rely on such issues as: market share by type of goods, which is occupied by competitors; Volume of turnover of each competitor, sales organization, price policy, terms and conditions of delivery and much more.
As a result of such a check, you have an opportunity to understand why your competitors are acting this way. Based on this, you will choose your strategy.