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In: Economics

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 .

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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

  1. The informations to evaluate whether a company is our competitior
  2. 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 2 years ago
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