Moza has a brilliant business idea of promoting healthy eating and lifestyle . She is compelled...

Moza has a brilliant business idea of promoting healthy eating and lifestyle . She is compelled to setup a new venture and become successful . In order to understand competitors in today's dynamic business environment , she needs to conduct a competitor analysis Explain the relevant information to be included in her assessment of competitor marketing strategies . Support your answer with examples .

Solutions

Expert Solution

Having a deep knowledge about the competition in the market is the key to stay ahead of our competitors. For this purpose, it is necessary to conduct Competitive Analysis which will give a clear picture of our competitive position.

A competitive Analysis is a way to identify competitors and understand their strength and weaknesses in comparison of ours. It will help us to determine the strategies to face our competitiors and define our business strategy. A Competitive Analysis helps us

to understand how our customers rate the competition (it includes both our existing and new customers)
to build a mechanism to develop effective strategies in the market.
to knw what gives our company an advantage over our competitiors.
to know what should we do to get maximum satisfation to our customers
to develop ideas to develop and expand into new markets

The relevent information we need to collect for competitive assessment can be divided into two major categories

The informations to evaluate whether a company is our competitior
The information to evaluate the competitor's strength and weakness.

To evaluate whether a company is her competitor, Moza should know

What is the range of product and services they offer?Whether they are related to promoting healthy eating and lifestyle. In this context sho should consider the indirect competitors also who offer a substitute service or products.
Whether the market targeted is similar? If the some one offers products and services related to healthy eating and lifestyle but their targeted market is different they are not her competitors.
If there some one who offers the same or substitute products in the same geographical area

The informations that she she collects should be the following :

The full range of products and services they offer
The nature of their target market; whether they are same as hers.
Are her competitors gaining profit or scaling down.
Their marketing and promotional strategies.
How do they get reated in terms of :-Value, market share, cunstomer service,location etc.

After gathering these informations she should analyse whether she has a competitve advantage and how the customers rate her business compared to the competion. Finally she should make strategies to distinguish her company from her competitors.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Moza has a brilliant business idea of promoting healthy eating and lifestyle . She is compelled...

Moza has a brilliant business idea of promoting healthy eating and lifestyle . She is compelled to setup a new venture and become successful . In order to understand competitors in today's dynamic business environment she needs to conduct a competitor analysis . Explain the relevant information to be included in her assessment of competitor marketing strategies . Support your answer with examples .

Discuss at least three ways that you can incorporate clean eating/healthy eating habits into your lifestyle.

Suppose you have a brilliant idea for starting a small business. For the sake of simplicity,...

Suppose you have a brilliant idea for starting a small business. For the sake of simplicity, assume the business is a small, service-oriented business like a coffee shop, hair salon, etc. selling a single product. The only problem…you need financial capital. In order to acquire some funds to start your business, you decide to run some calculations using Microsoft Excel on prospective profitability to show the bank and potential investors. Your assignment: In the form of a short business report,...

You have a brilliant business idea which potentially can create the next ‘Facebook’. However, the initial...

You have a brilliant business idea which potentially can create the next ‘Facebook’. However, the initial investment amount is way beyond what you can afford. What would be your financing strategy to kick start the new business?

Assume a friend approaches you with a business idea and tells you that she has determined...

Assume a friend approaches you with a business idea and tells you that she has determined the concentration ratio of the industry in which she intends to compete is 80%. Which of the following is an appropriate conclusion that you might share with her? There are thousands of firms in this industry and each is insignificant. The industry in which she intends to compete has some very large firms, relative to total sales. Firms in this indsutry are price takers....

2. The stock of Healthy Eating, Inc., has a beta of .88. The risk-free rate is...

2. The stock of Healthy Eating, Inc., has a beta of .88. The risk-free rate is 3.8 percent and the market return is 9.6 percent. What is the expected return on Healthy Eating's stock?

Nancy Lee iis student who has a business idea which she envisages will pay off her...

Nancy Lee iis student who has a business idea which she envisages will pay off her student loan and might possibly lead to a long-term business career. Her idea is to hire a machine to make decorative i-phone covers and sell them on-line and hopefully generate lots of cash. She thought that she would start with 3 styles, Lego, Tiger and Whale and sell them for $25, $25 and $20 per cover respectively. After a bit of market research she...

Sales for Outback Steakhouse has significantly decreased due to fierce competition and new healthy well-being lifestyle...

Sales for Outback Steakhouse has significantly decreased due to fierce competition and new healthy well-being lifestyle trends. As the marketing director, you were asked to re-position the brand. How can Outback Steakhouse differentiate itself within the emerging health trends? 1) List your ideas in the following attributes: a) physical attributes, b) service, c) personnel, d) location, e) image (list at least 1 example for each component). (10 points) 2) Indicate what type of new promotion-mix strategies you would implement (list...

The Energy and Environment Minister has asked you to advise her on promoting “green power.” She...

The Energy and Environment Minister has asked you to advise her on promoting “green power.” She has been given a proposal to offer a 1/c per kWh subsidy to green power. You suggest that she should instead impose a 1/c per kWh tax on power that isn’t green. She says that the cost advantage of green power is the same either way, but taxes are harder to sell politically. You still argue for the tax. Why? (Max 100 words)

Carol has annual income of $50,000 when healthy and there is a 10% chance that she...

Carol has annual income of $50,000 when healthy and there is a 10% chance that she will experience an accident. If she suffers an accident, it will cost her $20,000 in medical expenses. a. If Carol’s utility function is U=y^0.5, what is the most she would be willing to pay for an insurance policy that would cover all her medical costs when they occur. b. If Carol’s utility function is instead U=Y^0.1, what is the most she would be willing...

Subjects