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If your competitor has a store that is open to the public, there are no rules prohibiting you from visiting it and taking a look around.Becoming a member of a competitor’s mailing list to receive promotional material and updates on new products and pricing is a quick and easy source of information.Porter of Harvard University has become the most frequently used method for analyzing any industry in order to create a strategy to compete within it.
Planning a business and writing a business plan is more than just having a location picked and a product or service to sell.
Financing, marketing strategy and future growth all require a well-researched and thought out business plan.
A competitor analysis is a process in which a business obtains information to identify and learn more about key competitors in order to be able to predict how the competition will react.
Competitive analysis serves a vital role in strategic planning, so writing a great business plan becomes easier if you do your research before you begin to write your business plan.
The point is to take advantage of every opportunity to acquire data about the marketplace in which your business operates, and it might reveal something about your competitors that could be of use in developing or refining your marketing strategy.
A product feature comparison allows you to compare your company’s product with products produced by competitors.Information for a competitor analysis is available from a number of sources including news stories and press releases, advertising, company websites, promotional campaigns, patent and copyright applications, price lists and, in the case of publicly traded companies, annual reports and SEC filings.Sometimes, getting information about a competitor might require a bit of sleuthing on your part.The five forces are: Porter believed that an analysis of the five forces that exist in every industry could help forecast a company’s ability to compete and remain profitable.You will obtain sufficient information on your industry from the five forces analysis to formulate long- and short-term strategies to incorporate into your business plan.A competitor analysis, unlike the competitive rivalry factor of an industry analysis, focuses attention on each competitor’s strengths and weaknesses instead focusing on the overall competitive climate within an industry.A competitor analysis offers a detailed profile of each competitor along with an analysis of marketing strategies that can be used to counter position your company to improve market share or profitability.An industry analysis will describe the products offered within a particular industry and the parameters of the marketplace in relationship to economic, regulatory and political issues.Where an industry analysis establishes the scope of the marketplace, a market analysis tells a business owner if a market within a particular industry will be profitable for a company’s product.The first thing you should do is purchase or acquire your competitor’s product.This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.