Competitors analysis and advantage

Question 1

what does competitors analysis do?

Answer 1

assess the strengths and weakness of the competitors and identify opportunities for improvement within a business

Question 2

what are the important roles in the strategic planning of competitors analysis?

Answer 2

to help management understand their competitive
advantages/disadvantages relative to competitors, to generate understanding of competitors’ past/present/future strategies, to provide an informed basis to develop strategies to achieve competitive advantage in the future, and to help forecast the returns that may be made from future
investments

Question 3

what are competitors?

Answer 3

other business that operate in the same or a similar market

Question 4

what is competitive analysis?

Answer 4

the process of comparing a business competitors against their brand to understand their core differentiators, strengths, and weakness

Question 5

when can/should a business perform competitors analysis?

Answer 5

at any stage of the business

Question 6

what are some advantages to performing competitors analysis?

Answer 6

seeing where the brand stands against the competition, being able to understand consumers choice, and being able to measure growth with tracking research

Question 7

what are some disadvantages to performing competitors analysis?

Answer 7

picking the wrong competitors could ruin the research and the business maybe unprepared to take in the findings

Question 8

what are the steps taken to carry out competitors analysis?

Answer 8

assemble a list of competitors, use their websites to deep-dive into the service the comp offers/their marketing strategies, conduct swot analysis, and finally create a graph of the research gathered