You understand your customer’s expectations from you and hence know to serve right. ![]() Look out for their customers’/clients’ feedback on their product/services.Find the competition who is in the same line as you in your industry.Look out for your customers’/clients’ feedback on those attributes.Figure out any two attributes you want to compare (i.e.When you want to understand your product/service from the customer’s point of view.And this method requires input from the customer/client. It generally consists of two attributes (i.e. This framework is also known as positional mapping. In this framework of competitor analysis, you can figure out where your brand, product, and services stand among competitors. You know your strengths and weakness and can easily get ahead of your competitors.You know the right allocation of your resources.It gives you a birds-eye view of your product/service performance, opportunities, and threats.Pick your competitors’ data and prepare a similar portfolio.Quadrant one: Pet, Quadrant two: ($) for cash flow, Quadrant three: Star, Quadrant four: Question Mark Divide your document into four quadrants.When you want to have a detailed idea of your and your competitors’ strength and weaknesses.You can decide how to make the best use of your capital and resources.It helps you to prioritize your action plan with respect to your current position and market situation.Growth-Share Matrix is a table, split into four quadrants, each with its own unique symbol that represents a certain degree of profitability: Question marks, Stars, Pets (often represented by a dog), and Cash cows.īy assigning each business to one of these four categories, executives could then decide where to focus their resources and capital to generate the most value, as well as where to cut their losses. The growth-share matrix is an analysis framework that you can use to manage portfolios. It easily helps you eliminate the competitors that are not on your radar.It helps you to stay in line with the companies that implement the same business strategies as you.It helps you in making long-term strategic decisions.You can also use this technique when you want to compare your profit margin to theirs.Apart from that, it is also used in analyzing your target audience.This framework is usually used to analyze sales and marketing strategies.Strategic groups can be created based on many parameters such as specialization, brand identification, market pull and push, product quality, technological positions, vertical integration, cost position, price policy, and more. These dimensions differentiate players into strategic groups and must be chosen with respect to industry structure, profitability factors, and the project issues being addressed. Along with that, it also looks after the underlying factors that affect a company’s profitability and the competitive dynamics of the industry. Strategic Group Analysis looks at players’ positions in a competitive environment. You can pay attention to the all-around development of your business.Helps you in adjusting the ongoing business strategies.The Threat of New Substitution: The extent to which different products and services can be used in place of your own.The Threat of New Entry: The ease with which new competitors can enter the market if they see that you are making good profits and driving your prices down.Bargaining Power of Buyers: The strength of your customers to drive down your prices.Bargaining Power of Suppliers: The ability of suppliers to drive up the prices of your inputs.These categories are the threat of the new entry, the threat of substitution, the supplier power, and the buyer power respectively. Now, put the four categories at the arrows coming out of it.Put your rival’s company name and details in the center.Along with that, put four arrows coming out of that circle. To find out and improve weaknesses and to avoid mistakes.To understand whether new products or services are potentially profitable.For a complete knowledge of the environment and industry.When you want to maximize your profitability.When you want to keep a close watch on your rivals. ![]() Porter’s five forces is a group of analyses wherein you study five different factors competitive rivalry, supplier power, buyer power, the threat of substitution, and the threat of new entry.
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