Analyze the competitive environment to determine Wawa's most significant competitor. Compare their strategies at each level...

Analyze the competitive environment to determine Wawa's most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term

Expert Solution

Definition: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service

A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.

Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer's dollar. For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales) of the competitor's business. Answer questions such as:

Who are your competitors?
What products or services do they sell?
What is each competitor's market share?
What are their past strategies?
What are their current strategies?
What type of media are used to market their products or services?
How many hours per week do they purchase to advertise through the media used in this market?
What are each competitor's strengths and weaknesses?
What potential threats do your competitors pose?
What potential opportunities do they make available for you?

A quick and easy way to compare your product or service with similar ones on the market is to make a competition grid. Down the left side of a piece of paper, write the names of four or five products or services that compete with yours. To help you generate this list, think of what your customers would buy if they didn't buy your product or service.

Across the top of the paper, list the main features and characteristics of each product or service. Include such things as target market, price, size, method of distribution, and extent of customer service for a product. For a service, list prospective buyers, where the service is available, price, website, toll-free phone number, and other features that are relevant. A glance at the competition grid will help you see where your product fits in the overall market

keosha answered 1 year ago

Analyze the competitive environment to determine the Harley Davidson’s most significant competitor. Compare their strategies at...

Analyze the competitive environment to determine the Harley Davidson’s most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term.

Analyze the competitive environment for Aetna insurance company to determine the corporations most significant competitor. Compare...

Analyze the competitive environment for Aetna insurance company to determine the corporations most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long-term. Justify your choice.

Bus 499 w10 Assign#3 Analyze the competitive environment to determine Walmarts most significant competitor. Compare their...

Bus 499 w10 Assign#3 Analyze the competitive environment to determine Walmarts most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term. Justify your choice. Determine whether your choice from above would differ in slow-cycle and fast-cycle markets.

Competitive Environment - Focusing on three major direct competitors, provide a description of each competitor and...

Competitive Environment - Focusing on three major direct competitors, provide a description of each competitor and their current business efforts in the country. Discuss the international product’s position relative to its competitors. What are the major competition concerns?

Competitor Analysis Please choose who you believe is your most significant competitor and respond to the...

Competitor Analysis Please choose who you believe is your most significant competitor and respond to the following questions. Business Definition: What business does this competitor appear to be in? What markets do they serve, what customer needs are satisfied? Source of Competitive Advantage: What do you believe this competitor views as their source of competitive advantage? Strengths and Weaknesses: How would you characterize the primary strengths and weaknesses of this competitor? How can you exploit their weaknesses while defending against...

Analyze the corporate-level strategies for Aetna insurance company and determine the corporate-level strategy you think is...

Analyze the corporate-level strategies for Aetna insurance company and determine the corporate-level strategy you think is most important to the long-term success of the company and whether or not you judge this to be a good choice. Justify your opinion.

analyze each level of Maslow’s hierarchy of needs, and articulate the level which most affects you...

analyze each level of Maslow’s hierarchy of needs, and articulate the level which most affects you when making a purchase. Provide support for your rationale by utilizing an example. (Please cite)

To stay competitive and superior fit to the competitive environment, strategic managers might consider level of...

To stay competitive and superior fit to the competitive environment, strategic managers might consider level of strategy. What are the three levels of strategy. Explain the level and give example of one company in Indonesia , that might formulating those levels

Compare Unilever’s Strategies(international business) with those of its major global competitor P&G

Bus 499 W 10 Ass#3 In 2-3 pages Analyze the business-level strategies for Walmart to determine...

Bus 499 W 10 Ass#3 In 2-3 pages Analyze the business-level strategies for Walmart to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion. Analyze the corporate-level strategies for Walmart to determine the corporate-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good...

Question