In this video, learn the benefits of developing a competitive analysis for an organization and the benefits of spending time and funds for competitive analysis.
- A competitive analysis takes resources, … but what's the benefit of spending all of this time … allocating employees and making the monetary investment? … Let's start with the obvious reasons. … First, you can compete more effectively. … Think of your competitive analysis as a scouting report. … The intelligence helps you to better define … the market landscape. … It gives you a clear picture of how you can compete … more effectively by understanding important market factors. … These include the number of direct competitors … and their strengths, any market challenges you may face, … including technological or regulatory, … and the maturity of your industry, … as well as any of the barriers to entry. … Another reason a competitive analysis … is beneficial is that you capitalize … on your competitors' weaknesses. … When you uncover and evaluate … your competitors' strengths and weaknesses, … you can compare this research to your own company … and its products. … The goal is to strengthen your position …
- 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.