When mapping out a business plan, there are certain things you need to put into consideration because they will help you to clear a wonderful plan to keep you at the top of your game. One of the things you should consider creating is a competitive analysis. Competitive analysis will help you to to keep a close eye on your competition, and also to investigate and research them periodically to know who they are and what they are offering. A competitor analysis is a great way to obtain information about important competitors and use that information to predict competitor behaviors whilst making better business decisions. However, to write a good competitive analysis, you must:
- Be objective.
- Conduct fearless and thorough research.
- Write well.
Therefore, below are things you should take note of in order to make up a competitive analysis:
A COMPREHENSIVE LIST OF COMPETITORS
You have to start with a list of companies you feel that are a competition to you; that is, those companies that offer the same product as yours. You should include companies that you consider as the major competitors, as well as those indirectly compete with you. You will also want to include information on companies that may be entering your market in the coming year. Once you have compiled the list, you can highlight those companies that will be the greatest challenge.
PRODUCT SUMMARY OF COMPETITORS
Analyze the products and services of your competitors; find out how they arrange their programs, and how they market them, and how students and parents see them. One easy way to find out how they do the above listed things is by making use of the Customer satisfaction surveys.
It's likewise important to include information on how competitors distribute and advertise their products. You will want to talk about product quality and, where possible, find out how they are staffed.
STRENGTHS AND WEAKNESSES OF COMPETITORS
Check out the strengths and weaknesses of your competitor. Try to make their know what they do that makes their products so great, and know what is behind their rapid growth. You can find this information in a variety of ways; the competitor's Web site is always a good start, make some phone calls, talk to the journalists and consultants who are active in the industry.
As you put together the list of competitor strengths and weaknesses, be objective. You'll do your company no good if you allow bias toward your own products and services to cloud your judgment.
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