Benefits of Competitive Analysis



Objective 3.05 Content OutlineKnowledge/SkillUnderstands the concepts and strategies utilized to determine and target marketing strategies to a select audience Performance IndicatorConduct market analysis (market size, area, potential, etc.) (MP:009) Conduct SWOT analysis for use in the marketing planning process (MP:010, IM LAP 8) Conduct competitive analysis (MP:012) ObjectivesExplain the importance of market analysis to the marketing-planning process. Identify the components of a market analysis. Explain the value of using spreadsheets in target segment analysis. Demonstrate procedures for conducting a market analysis. Define the term SWOT analysis. Explain whom to involve in a SWOT analysis. Discuss when a SWOT analysis should be conducted. Describe the benefits of conducting a SWOT analysis. Identify factors that should be considered in a SWOT analysis. Explain procedures for conducting a SWOT analysis. Demonstrate procedures for conducting a SWOT analysis for use in marketing planning. Explain benefits of preparing a competitive analysis. Identify sources of competitive information. Describe components of a competitive analysis. Demonstrate procedures for conducting a competitive analysis. Resouces/TextbookAllen, K.A., & Meyer, E.C. (2006). Entrepreneurship and small business management (pp. 104, 126-129, 293). Woodland Hills, CA: McGraw-Hill Glencoe. Software/OnlineBerry, T. (2005, June 13). Conducting a market analysis for your business plan. Retrieved April 14, 2011, from achtimberry/article78002.html Edward Lowe Foundation. (2011). How to prepare a market analysis. Retrieved April 14, 2011, from 7 Kutztown University Small Business Development Center. (2011). Conduct a marketing analysis. Retrieved April 14, 2011, from Meyer, M.H. (2002). A simple, effective business plan writing guide (Market analysis). Retrieved April 14, 2011, from UK Business Advisors Limited. (2008, June). How to conduct a market analysis for your business. Retrieved April 14, 2011, from Virtual Advisor Inc. (2009). Conduct a market analysis. Retrieved April 14, 2011, from inbusiness/editorial/sales/ibt/market_analysis.html BNET. (2007, July 3). Conducting a SWOT analysis. Retrieved April 14, 2011, from Business Owner’s Toolkit. (1995-2011). Case study: Life designs architecture. Retrieved April 14, 2011, from Business Owner’s Toolkit. (1995-2011). Strength, weakness, opportunity, threat. Retrieved April 14, 2011, from Chapman, A. (1995-2011). SWOT analysis. Retrieved April 14, 2011, from Cloutier, C. (2008-2010). Get the most from your business: Conduct a SWOT analysis. Retrieved April 14, 2011, from d/869/p142_dis/2 Learn to conduct a SWOT analysis. (n.d.). Retrieved April 14, 2011, from is.pdf MacNicoll, T. (2010). Doing a SWOT analysis for your company. Retrieved April 14, 2011, Marketing Education Resource Center. (2006). Analyze This! [LAP: IM-008: Presentation Software]. Columbus, OH: Author. SWOT. (n.d.). Retrieved April 14, 2011, from Aware. (2011, January 5). Competitor analysis—A brief guide. Retrieved April 14, 2011, from analysis.htm Business Link. (n.d.). Conduct a competitor analysis. Retrieved April 14, 2011, from =1074451288 Business Owner’s Toolkit. (1995-2011). Competitive situation. Retrieved April 14, 2011, from FindLaw. (2009, April 2). Competitive analysis. Retrieved April 14, 2011, from MaGee, S. (2003). How to conduct and prepare a competitive analysis. Retrieved April 14, 2011, from U.S. Small Business Administration. (n.d.). Marketing plan components: Competitor & issues analysis. Retrieved April 14, 2011, from titor.html U.S. Small Business Administration. (n.d.). Competitive analysis. Retrieved April 14, 2011, from MPANAYLSIS.html Waters, S. (2011). What’s your competitive edge? Retrieved April 14, 2011, from Objective 3.05 Industry and Market Analysis Study GuideResearching the ______________ Trends and ______________ of change Industry ______________ that affect your ______________ – understanding ______________ forces can help a ______________ plan a ______________ to succeed______________ to entrybarriers to ______________ – conditions or ______________ that make it ______________ or costly for outside firms to enter a ______________ to compete with the ______________ firm or firms______________ of sale – situations where the ______________ of producing one ______________ of a good or service decreases as the ______________ of ______________ increasesbrand ______________ – loyalty to or the tendency to buy a ______________ brand of a productthreats from ______________ products ______________ of supplybuyers' ______________ to ______________ technologyIndustry ______________ – includes the number of ______________ , annual revenues, and ______________ size of the ______________ by number of ______________ The competitionmarket ______________ – a portion of the total ______________ generated by all ______________ companies in a given market niche – a ______________ , specialized ______________ of the market market ______________ – the act of ______________ a specific ______________ niche for a product ______________ advantage – a feature that makes a ______________ more desirable than its ______________ productsCompetitive ______________ – Competitive advantage – ______________ the competition is ______________ to finding your ______________ competitive advantage. The ______________ list ways that are helpful to ______________ your competition:visit ______________ ' outletbuy your competitors' ______________ search the ______________ and your competitors' ______________ sitesResearching the ______________ customercreating a ______________ profile – a complete______________ of a venture's ______________ customers______________ customers' needscustomer needs ______________ – pinpoints the ______________ and benefits of your ______________ and services that ______________ value______________ demand – three ways to forecast a ______________ figure:one, to use ______________ analogy productstwo, to ______________ prospective ______________ and intermediariesthree, to go into ______________ production to______________ the market Issues in ______________ Mass______________ – is trying to reach all ______________ with a single ______________ planCompetitive ______________ – section of a ______________ plan that should ______________ the proposed advantage of the ______________ over its competitors. You can gather ______________ on competitors the following ways:______________ their ______________ sitetalking to their ______________ , vendors, ______________ or employeesattending ______________ showssearching ______________ and ______________ databasesAdjusting to sales ______________ changes______________ analysis – a strategic planning ______________ that analyzes a ______________ internal strengths and weaknesses, and ______________ opportunities and ______________ in the external sales environmentInternal ______________ may include:changes in ______________ on other parts of the company's ______________ and promotional mixchanges in what is ______________ in different ______________ or marketschanges in sales ______________ practiceschanges in number of ______________ supervised by one person______________ factors may include:intensity of ______________ -basedtotal ______________ potentialconcentration of ______________ high-volume buyers______________ distribution of customersObjective 3.05 TermsSWOT analysis: Threat: Opportunity: S-O strategy: S-T strategy: W-O strategy:W-T strategy: Conduct Market Analysis3.05 AEntrepreneurship 1Market AnalysisWhat Is It? An ________________ of the market for a company's goods and services. For example, a company might be interested in the _________________ of consumers who are buying the firm's products, or a ________________ of its products with those offered by ____________________.Why do we need It? Before you can ___________ your marketing and sales _____________, you need to figure out what market you _____________ and what need you fulfill. Components of a Market AnalysisTarget Segment _________________Target Segment’s ______________ (Why do customers need the product/service?)___________________ channels (Where do customers need the product/service?)____________ ____________ (What factors influence the target market to buy?)_____________ ______________ (How will you communicate with the customers?)Advantages of Using a Spreadsheet for Market AnalysisKeep your market numbers _____________.It helps you track the basic numbers of ___________ _________________ by ______________, with columns to estimate growth rates and the projected future numbers.Steps for Conducting Marketing Analysis1) What do you want to ____________?2) Draft your ___________ and ____________ for how people will answer. 3) Find the right __________ of people for your market _______________.4) Determine the best ___________ to ask your ______________________. 5) ____________________ your findings.Conduct Competitive Analysis3.05 CBenefits of Competitive AnalysisIdentify Your Own ___________ Strengths - You'll discover your company's competitive advantage -- the reason customers do business with you instead of your competition. Determine Areas of ___________ and Stimulate Innovation - Analyzing competitors' offerings may spur ideas for innovative improvements to your product offerings.Understand ________ Better - Are you charging 50% below market for your products and services? Are you charging double what the competition is charging? The only way to find out is determine what competitors are charging. With competitor pricing in hand, you can make smarter decisions with respect to your own pricing.Find Untapped ________________ - You might find that there are some categories of customers whose needs are not being met. For example, if you plan to prepare and deliver gourmet meals, you may discover that a particular part of town is not currently being served. If you can satisfy unmet needs, you'll develop a market "niche."Learn _____________ Best ____________ - By observing the actions of your competitors, you might learn more about your market. For example, does a successful competitor offer reduced prices during a particular season? If so, what might that tell you about your market's spending habits?Steer Clear of Overly Competitive ______________ - If you find that your market is saturated with capable competitors, you can avoid the costly mistake of starting a business without adequate demand. You can then redirect your efforts toward something that will pay off instead. (For example, your research may tell you that there's an ample number of thriving gourmet meal services in your targeted market area already.)Sources of Competitive Information? viewing their ___________________? talking to their ___________, vendors, ______________, or employees ? ___________trade shows? searching newspaper and _______________ databasesComponents of a Competitive Analysis_______________________________________ ______________Financial Stability___________________Procedures for Conducting a Competitive Analysis______________ the problem Analysis of the ____________ Obtaining data that is specific to the problem Analysis and __________________ the data Fostering ideas and problem solving Designing a _________ ................
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