Analysing Competitor Strenghs And Weaknesses

Question 1

What is the importance of customer research?

Answer 1

Allows people to see where there is a hole in what the consumer wants, gap in the market

Question 2

What is the importance of retailer research?

Answer 2

Competitor might be hated by the trade

Question 3

What is the importance of breaking the product or service down?

Answer 3

Seeing where the competitors product is at a lower standard with the product and designing a product to match this low standard

Question 4

What are some of the conclusions that can be drawn?

Answer 4

Need to know as much as possible about the market, customers, competitors
Appeal to the customers
Build strengths from competitor weakness

Question 5

What does market segments mean?

Answer 5

Sections of a market focused upon specific types of customers

Question 6

What does market share mean?

Answer 6

One brand’s sales as a percentage of all the sales in the market

Question 7

What are three ways to analyse the competition in a market?

Answer 7

Customer research
Retailer research
Breaking the product or service down