To complete an analysis of global competition, it is necessary to know the competitive landscape. You have to know who your competitors. Prepare an overview of your competitors, their strengths and weaknesses. Place the product of each competitor against your products. Understand customer needs and preferences that are competing to meet.
If you consider the competition, determine what are the similarities and differences between their products and yours. It should also consider how their prices compare to yours and how well they are doing. You must have a specific plan to compete. For example, we can offer better services, lower prices, more support, or easier access to services. You must address the following key issues:
o Define your target market.
o Define the target market size.
or Drill down to your specific segment within the target market.
, or define the size and the revenue opportunities that the segment represents.
or determine the speed of the global market and your specific segment are growing.
or Find out what are the most important factors for your customers such as price, technology, ease of use, or new uses.
o It is necessary to know the most important features in your industry. It is driven in high or low volume? And 'of capital or labor? It 'season?
o Identify and profile your targeted customers from their balance sheets of consumers and how they make decisions to buy a product.
or identify your direct and indirect competitors and understand their impact on you.
or identify the characteristics that differentiate the product from competitors'.
In order to address the underlying issues, you need to know where to find information about competitors and the industry. Information is available at the Federal Department trade online or at the library. You can review Edgar Online and corporate web sites to obtain required financial filings. Look for an industry trade association and industry publications. Go to Hoovers online or bacon to seek business publications in your industry. Even the check lands can be in line to Http://www.usdata.com or North American Industry classifications Http://www.naics.com .
After all the key issues have been addressed and your competitive research is completed, you should be able to describe all of the competitors and their strengths and weaknesses. You should be able to articulate clearly what is different about your product and why customers choose your product, rather than competitors. You should also be able to describe your target market and target customers and what will motivate them to buy your product. Finally, your should be able to explain how you will gain and maintain a sustainable competitive advantage.
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