One of the critical parts of the company’s marketing plan is the competitive analysis, by this we can identify the competitors and evaluate their strategies to closely relate with your product. Competitor Analysis identifies why similar companies are successful and what processes they used to become successful.Elements:
- Arrange visits to best-in-class organizations.
- Identify competitors and leading enterprises.
- Conduct a survey of selected enterprises to understand their strategies.
- Develop and implement best practices.
- To have a deep knowledge of the market
- Predict and forecast organization’s demand/supply
- Selecting and framing the strategy
- Progressively increase the market share
- Study the market trend/pattern
- Develop strategies for competing the competitors.
- Forthcoming trends in the industry
- Understanding strengths and weaknesses of a competitor can suggest opportunities to overcome them.
- Perception into future competitor strategies.
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By the end of the session, you will be able to review data to determine trends and draw conclusions.
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