Question

Outline a detailed plan to analyze the competitive situation for KMC as a Multi-Business corporation in Kuwait.

Answer 1

Plan to analyze the competitive situation for KMC

Companies are facing stiff competition from the rival firms in this globalised world, so understanding the competitive situation in a market is very much critical for a company. The following steps can be followed to analyze the competitive situation of KMC, Kuwait.

1. Understand competition firms

Firstly KMC must understand all the firms that are posing competition to their businesses.

2. SWOT analysis

Then a SWOT analysis of the competing firms can be undertaken. It helps the company to reveal the strengths, weaknesses, opportunities, and threats of its competitors.

3. Business policies of competitors

Next, the KMC company must conduct a detailed inquiry into the business policies of those firms.

4. Customers of competitors

Then thew KMC company must put an effort to understand the nature of customers of competing companies.

5.Image of competitors

Next, the company must do an Investigation about the image of each of the competing companies in the market.

6. Market share of competitors

Finally, KMC must try to understand the market pie enjoyed by each of the competing companies in the industry.A market survey could be done to know about it.