Competitor Analysis - Implications to Your Business

When you have completed your Competitor Analysis, it's time to analyse the implications of the information you have found.   An analysis of the information will allow you to develop strategies to deal with areas in which your competitors excel and will ensure you are able to also capitalise on areas in which they have found to be lacking. 

 

It's great to speak with customers of your competitors so you can ascertain exactly what they expect, and what they are not receiving in terms of products or services within the marketplace.  You can then capitalise on these gaps and ensure you meet the specified needs as best you can within your business offering. 

 

Complete the following table for each of the competitors you have analysed within your targeted marketplace. 

 

Business Competitor 1

Strengths

Weaknesses

Implications to Your Business

1. Frames provided to retailers for sale are of the highest quality

  

1. A standard for quality of service has already been established and I must be conscious of adhering to these standards

2. Friendly, reliable service is always a priority for this business and is something that customers have come to expect

 

2. As above

3. Strong position has already been established with current clients due to the originality and high quality of the products.

 

3. Ensure that my products are manufactured with originality and quality

 

4. Products are very expensive and has recently been forced to offer a 15% discount in order to get products moving

4. Possibility to capitalise on this by entering the market place with a well made product and superior service but at a lower price

 

5. Very small range of products and plans to expand product range have been put on hold in order to meet delivery on an existing contract

5. Customers may become bored with the lack of variety within the range and begin to look elsewhere for greater variety

 


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