Competitor Analysis and SWOT Analysis Flashcards
begins with identifying present as well as potential competitors
Competitor analysis
ToF. Analyzing organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment.
True
____ is the process of identifying businesses in your market that offer similar products or services to yours and evaluating them based on a set of predetermined business criteria.
competitor analysis
business consultant and bestselling author of Unbreak the System.
Josh Rovner
These are businesses that offer products identical or similar to those of the firm completing the analysis
Direct competitors
These competitors offer close substitutes to the product the firm completing the analysis sells.
Indirect competitors
These are companies that are not yet direct or indirect competitors but could move into one of these roles at any time.
Future competitors
Find all the features that each direct competitor’s product or service has. Keep this in a competitor insight spreadsheet to visualize how companies stack up against one another.
Feature matrix:
This helps to identify who your main competitors in your market are. Don’t exclude larger competitors completely, as they have much to teach about how to
succeed in your industry.
Market share percentage:
Pinpoint how much your competitors charge and where they fall on the quantity vs. quality spectrum.
Pricing:
It is what type of marketing strategy does each competitor employ
Marketing:
What makes your competitors unique, and what do they advertise as their best qualities
Differentiators:
Identify what your competitors are doing well and what works for them.
Strengths:
Identify what each competitor could be doing better.
Weaknesses:
: Look at where your competitors are located and the regions they service
Geography
This is Rovner’s seven-step process for conducting a competitor analysis:
- Identify the products or services you want to evaluate.
- Identify every direct and indirect competitor for those products or services.
- Research all competitors in person and online
- Document your research in a written analysis.
- Identify areas to improve your own competitiveness.
- Make the improvements you deemed appropriate or necessary.
- Measure your sales and profit based on the changes you made to determine whether they were successful.
is a framework used to evaluate a company’s competitive position and to develop strategic planning.
SWOT analysis
__ describe what an organization excels at and what separates it from the competition
Strengths
___ stop an organization from performing at its optimum level.
Weaknesses
___ refer to favorable external factors that could give an organization a competitive advantage.
Opportunities
___ refer to factors that have the potential to harm an organization.
Threats
What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis
internal factor
What happens outside of the company is equally as important to the success of a company as internal factors.
external factor
