In this video, learn the depth of market intelligence and what to glean from different resources.
- When the PalmPilot launched in 1996, … they were all the rave with busy executives. … PalmPilots were handheld devices that allowed you … to store your meetings, phone numbers, … and keep notes all in one device. … But the PalmPilot doesn't exist today. … Even though it had great features and plenty of benefits … professionals loved, people grew tired of it. … If PalmPilot had better analyzed their competition, … then perhaps they would still be a marketable brand today. … Consider a few key areas when analyzing … your competitor research. … Market share, strengths and weaknesses, … market changes, and future competition. … Let's take a look at each area … to give you a clearer path for your analysis. … Number one, let's start with how you can measure … your competitor's market share. … When you're gathering sales volume and you know … the total sales in your industry, … then you can compute market share. … Take each competitor's sales volume … and divide it by the total industry sales figure …
- Explain the benefits of a competitive analysis.
- List three elements to include in a competitor profile.
- Recognize the biggest challenge when researching your own strengths and weaknesses.
- Recall the advantage of knowing your competitor’s strategies.
- Identify three elements included in competitor research analysis.
- Define the elements that make up the SOAR framework.