Competitive Information Flashcards
What is Market Research
collecting, recording, analyzing and interpreting data to aid decision makers involved in marketing goods, services, or ideas
what is competitor intelligence
collection of information on the capabilities, vulnerabilities and intentions of competitors
what is competitive benchmarking
measuring our products, services, and practices against our toughest competitors or those companies recognized as the leaders
what are the types of competitors?
direct competitors
indirect competitors
potential competitors
what should you look for when doing competitor analysis?
their objectives
their strategies for the objectives
capability to implement the strategy
their likely future strategy
What are the different areas of ‘competitor capabilities’?
Ability to conceive and design,
Ability to produce,
Ability to market,
Ability to finance,
Ability to manage, and
Ability to adapt to changing conditions
what types of things fall under a competitors ability to conceive and design
Technical Resources
Patents
R&D Funding
what types of things fall under a competitors ability to produce
physical resources - capacity, equipment, technology
integration degree
what types of things fall under a competitors ability to Market
Salesforce
distribution
service and sales policies
reputation
what types of things fall under a competitors ability to Finance
long term - debt to equity ratio
short term - debt and cost of debt
liquidity
returns from operations
return on sales, assets, marketing
what types of things fall under a competitors ability to manage
key people
objectives, values, longevity
organization
centralization
what types of things fall under a competitors ability to adapt
historical adaptation
executive turnover
frequency of org. changes
produce changes and launches
acquisitions / mergers
where are some good places to look for competitor information?
trade publications
industry analysis
news articles
company websites
what is the LEM Model?
Legal
Ethical
Moral
What is the best advice for competitive analysis
be sure to understand what is NICE to know and what you NEED to know. focus on the latter.
too much time is wasted on the acquisition, not interpretation
