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REFOCUS - Digital Marketing Course > Marketing Strat: Competitor Analysis > Flashcards

Marketing Strat: Competitor Analysis Flashcards

1
Q

What is Competitor Analysis?

A
  • strat that involves researching major competitors to gain INSIGHTS of their products, sales, marketing tactics (market share)
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2
Q

Before you accurately compare your competition, you need to establish a _________

A

BASELINE

  • why do you need to compare?
  • a minimum or starting point used for comparisons.
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3
Q

Why do Competitive Analysis? (6)

A
  1. Identify your UNIQUE VALUE PROPOSITION &
  2. difference from your competitors (what’s right & wrong?)
  3. Critical for STAYING RELEVANT & NEEDED
  4. Fill in where your compet is short.
  5. REVIEWS (what’s missing in their/ your products && add features to your own products
  6. BENCHMARKS
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4
Q

PROCESS (7)

A
  1. Identify competitors
  2. perform SWOT analysis
  3. Examine compet’s website & experience
  4. Their market position?
  5. Pricing & offers?
  6. Their technology?
  7. Their reviews & performance?
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5
Q

Why identify your competitors? (2)

A
  1. Product Viability (demand)

2. Estimate Entry Barriers - sets the bar for entering a market (ex: like comparing prices to the compet)

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6
Q

How to identify direct competitor? (4)

A
  1. SERPS
  2. Use STATISTA / analytic tools (market share statistics)
  3. sourcing from same suppliers
  4. consumers MENTION during REVIEWS = TRUST
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7
Q

are easy to notice

A

Direct Competitor

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8
Q

online seller offering products that differ in some way, but could also satisfy the same customer demand

A

INDIRECT COMPETITORS

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9
Q

How to identify direct competition?

A
  • keyword research
  • analyze SERPS
  • look @ Paid Data via AdWords
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10
Q

Meaning of SWOT

A

Strengths, Weaknesses, Opportunities, Threats

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11
Q

List the external ____ the company could benefit from, such as a growing demand for its product/services

A

OPPORTUNITIES

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12
Q

Outline where the company might fail or struggle internally. Examples might include a poor pricing model or unclear leadership

A

WEAKNESSES

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13
Q

Explain the key ______ of the organization. These strengths are internal attributes where the organization stands above competitors, such as intellectual property, its workforce, etc

A

STRENGTHS

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14
Q

________ include anything that can negatively affect your business from the outside, such as supply-chain problems, shifts in market requirements, or a shortage of recruits. It’s vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.

A

THREATS

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15
Q

SWOT ANALYSIS should cover these areas: (9)

A
  1. Brand positioning
  2. Ecommerce Website
  3. Customer Exp
  4. Sales strat
  5. Pricing Strat
  6. Marketing Strat
  7. Content Strat
  8. Shipping Strat
  9. Discounts / Promo Strat
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16
Q

Review UX & UI, 5 step UX research framework by

A

Erin Sanders

17
Q

Conduct Scientific Method:

A

Hypothesis, Research Methods, Evaluation, Synthesize findings

18
Q

GUIDE QUESTIONS doing SWOT ANALYSIS (5)

A
  1. This brand excel in what?
  2. Identify: Intangible assets = advantages
  3. Processes / Exp = need improvements???
  4. My company can do better?
  5. Can they substitute you? Can they threaten you?
19
Q

What is Competitive Positioning?

A
  • your core “ differentiator “ from others

- easy to uncover when you evaluate indirect competition - their soln will be somewhat different than yours

20
Q

MAPPING which POSITION COMPETITIVE BRANDS hold on the market by: (6)

A

ICDSIO

  1. Identify customer needs
  2. Choose geographic region u want to study (not everyone is your market)
  3. Decide if you want to track entire market OR only a specific segment
  4. Select PRICE range
  5. Identify benefit customer receives
  6. Organize competitors by product price & its benefit
21
Q

What is Perceptual Mapping?

A
  • helps identify how diff competitors price their products & where you could fit in
  • this data gives you baseline figures on how much ppl are willing to pay
22
Q

Technology of competitors: Give 7.

A
  1. Ecommerce platform
  2. Plugins / extensions (like chatbots)
  3. Open source ecom solutions
  4. Payment processors
  5. Email Marketing service providers
  6. 3PL Integ?
  7. AI Chatbots
23
Q

________ are a goldmine for the VOC data you can leverage for product development & brand positioning

A

Social Networks - Review SocMed feedbacks & performance

24
Q

What is Unit Economics?

A
  • demonstrates how much value each item—or “unit”—generates for the business.

EX: For an airline, a unit might be single seat sold, whereas a rideshare app like Uber would define a unit as one ride in their vehicle.

REFOCUS - Digital Marketing Course (10 decks)

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