Competitive Response

Question 1

Questions to Ask: A

Answer 1

Ask multiple probing questions, then repeat the situation adding in your analysis, devise a plan and implement it

Question 2

Questions to Ask: B

Answer 2

If a competitor introduces a new product or picks up market share, ask the following questions

Question 3

Questions to Ask: 1

Answer 3

What is the competitor’s new product and how does it differ from what we offer?

Question 4

Questions to Ask: 2

Answer 4

What has the competitor done differently? What has changed?

Question 5

Questions to Ask: 3

Answer 5

Did they increase or expand into new channels?

Question 6

Questions to Ask: 4

Answer 6

Have any other competitors picked up market share?

Question 7

Questions to Ask: 5

Answer 7

Have the consumer’s needs changed?

Question 8

Questions to Ask: 6

Answer 8

Did they increase or expand into new channels?

Question 9

Responses to Competition: 1

Answer 9

Analyze our current product and redesign, repackage or move upmarket

Question 10

Responses to Competition: 2

Answer 10

Introduce a new product

Question 11

Responses to Competition: 3

Answer 11

Increase our profile with a marketing and public relations campaign

Question 12

Responses to Competition: 4

Answer 12

Build customer loyalty

Question 13

Responses to Competition: 5

Answer 13

Cut prices

Question 14

Responses to Competition: 6

Answer 14

Lock up raw materials and talent

Question 15

Responses to Competition: 7

Answer 15

Acquire the competitor or another player in the same market

Question 16

Responses to Competition: 8

Answer 16

Merge with a competitor to create a strategic advantage and become more powerful

Question 17

Responses to Competition: 9

Answer 17

Copy the competitor