Competitive response

Question 1

Competitive response (2)

Answer 1

1. What will you do if a competitor comes out with a new product or service and starts to steal market share?
2. What will your competitor do if you come out with a new product aimed at stealing their market share?

Question 2

If a competitor introduces a new product (5)

Answer 2

1. What is the new product, how does it differ from our offer?
2. What has the competitor done differently?
3. Have any other competitors picked up market share?
4. Have the consumers needs changed?
5. Has the competitor increased of expanded into new channels?

Question 3

Appropriate responses (9)

Answer 3

1. Analyse current product and redesign, repackage or move upmarket
2. Introduce a new product
3. Increase our profile with a marketing and public relations campaign
4. Build customer loyalty
5. Cut prices
6. Lock up raw materials and talent
7. Acquire the competitor or another player in the same market
8. Merge with a competitor to create a strategic advantage and become more powerful
9. Copy the competitor