In this video, learn how to evaluate your top competitors in your analysis.
- Back in 1994, Barnes & Noble … wasn't paying attention to all of its competition. … That's when Amazon launched in the market. … Instead they focused on what looked like … their biggest competitor, Borders bookstores. … Of course, by the time Borders closed in 2011, … Amazon had grown to become a much larger … and recognized contender. … Barnes & Noble was not prepared for the rise of Amazon. … What went wrong? … You can't just look at the biggest competitor. … You have to keep your eyes on the ones … that pose the greatest threats to your competitive position. … Let's walk through how you can identify … three top competitors. … There are different types you should know about. … There's the head-to-head competitor. … These competitors sell very similar products … or exactly the same products as you do. … Then there's the first tier competitor. … They sell similar products, … but don't have all of the same products as your company. … Finally, there's second tier or indirect competitors. …
- 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.