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A Comprehensive Analysis of Your Competitors Will Allow You to Monitor How Your Business Compares in Terms

By:   •  December 20, 2012  •  Essay  •  272 Words (2 Pages)  •  1,037 Views

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A comprehensive analysis of your competitors will allow you to monitor how your business compares in terms of:

Staying power (financial resources)

Key personnel

Product availability

Service standards including after sales service, warranty policy

Ability to satisfy customer needs and requirements

What is the market share of each competitor in your target market and what market share can you expect to achieve in both the short term and the long term

Do you provide a product or service which is complimentary to any of your competitors? Is it feasible for you approach them for a strategic partnership opportunity rather than competing with them in the marketplace?

What do they offer to their customers for the price they are charging? Can you offer something more or something different to entice consumers to choose your business instead of that of your competitor?

What sort of Return on Investment (ROI) are your competitors attaining

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