5 analysing competitor strengths and weaknesses
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Transcript of 5 analysing competitor strengths and weaknesses
Analysing Competitor Strengths and Weaknesses
Learning Objectives
• That initial planning to set up a business will require an analysis of the competitors in the market
• How to analyse competitor strengths and weaknesses and that comparing a business offering with that of its rivals enables an entrepreneur to spot further opportunities
Market Share• One brand’s sales as a percentage of all the
sales in the market
Broadband, UK 2012
TASK: Polo mints
• Analyse competitor strengths of weaknesses
Customer Research
• Primary Research:Get groups of consumers talking about the competition:– Why the use the good or service– What has been their experience (before and after
buying)– Would they buy the same thing again
Retailer Research
• Secondary research:Your competitors may be loved by the public, but hated by the trade– Suppliers of the foods to the restaurants– Teachers taking school students– cleaners – Maintenance workers– Local council
Breaking down the product
• Strengths– What makes it good?– Why do people buy it?
• Weaknesses– What frustrations do people have when using it?
TASK• Analysing Competitor Strengths and Weakness
Presentation– Kingfisher leisure centre
– Albany Park Canoe and Sailing Centre
– Apple Computers at Canbury
Making decisions about the Market Segment to target
• Market Segment:Sections of a market focused upon specific types of customer– such as children– Pensioners– Single women– Parents of young children
Money for old rope