Competition is a powerful influence in determining the extent and nature of a firm’s marketing activities. Very few firms operate in a market environment all by themselves. Most companies face competition from at least one other business, and usually from several. Broadly speaking, all firms compete with each other for the buying power of consumers….
Normally, a company does not compete directly with all firms in an industry, so determining which firms should be considered key competitors is necessary. If product categories from other industries can satisfy specific customer needs, the analysis should include potential competitors. Information that is obtained from a key competitor analysis often covers the following areas:…
No company can expect to operate in a market without having competition. Companies thus face competition. A company can face four categories of competition. It should be prepared with strategies to attack immediate and potential competitors. Identifying competitors to attack is vital for a company to survive in this age of extreme competition. 4 Types…
How do you gather information on your competitive environment? The answer lies in the design of a competitive intelligence system. If you collect information using a competitive intelligence system, you cannot be inundated with useless and irrelevant information. The system’s design should be such that it helps you save money and provide timely and accurate…
If a company has a sound competitive intelligence system put in place and work, it is easier for the company to devise strategies to deal with competitors. Because the information provided by the said system will help the company decide which competitors should be attacked and which to be avoided, managers usually go for customer…