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What is Competitive Analysis?
Competitive Analysis refers to the strategy where an individual identifies the names of major competitors. They also research well for their product, marketing strategies and sales. This can help create a competitive advantage for the business argues being created over other competitors.
As per the competitor analysis essay writers, a competitive analysis helps the company learn about the outs and ins of the competition. It helps one to identify what they are doing, and what should be done.
Every brand is said to get advantage from basic competitive analysis through few simple steps such as:
To identify the gaps in the market
To develop products and services which are new
To uncover the trends in the market
To market the product effectively
Make the maximum sales.
Learning the five steps mentioned above can lead to a better understanding of the product and its market. This can make a clear path for you and your company.
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What Are The Types Of Competitors That One Study About Under The Competitor Analysis Essay?
Competition refers to the rivalry found between companies while selling the products and services in the same market. A healthy market competition encourages various companies to increase their sales using the four Ps of marketing mix namely:
There are said to be four main types of competition:
A direct competitor tends to offer the same services or products; within the same market and with the same customer base. One of the best examples of the same is Toothpaste Companies. Companies like Colgate and Pepsodent have the same product, same market and the same target audience.
Here, the product or service is slightly different but the target audience and end goal are the same. Their strategies to seek revenue vary. One of the simple examples of the same is Hunger. While Burger King provides burger and Dominoes serves pizza; the product is different but also ensures that the target audience is the people how are hungry!
Under this type of competitor, an individual could choose to do something other than your product. Being the most challenging competitor in the market, it is very important to look in for them. To understand further, one can take the example of the Harry Potter Series. Here, the same is available in the form of a book and also in the form of a movie! Now, it is up to the customer to read a book or watch a movie.
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How Should One Conduct Competitive Analysis?
Although performing an analysis is no rocket science, but it does include some very important steps to follow. These steps make the whole process easy and organized for the analyses. Let know more:
Identifying the competitor
Examine their website and customer experience
Identify their market position
Take a look at their pricing
Problem-solving for shipping
Checking temperature with reviews
Social media review
Usage of tools for competitive analysis
To perform a SWOT analysis to learn about the strengths, weaknesses, opportunities, and threats of the competitors.
How To Write A Competitive Analysis?
A good competitive analysis is said to be a scouting report of the market that one company must study to become successful. The best person to do so is the market-savvy technical writer who is well versed with the procedure, and the product or service that you sell. To be a good marketer one must be objective, conduct research that is fearless and detailed, and the one that writes well.
As per the studies, the performance of the firm amongst the market is directly proportional to the key assets and skills that one needs. A performance should thus analyze a strong performer to reveal out the causes behind their success. With the help of your analysis on would be able to create a marketing strategy that could generate the skill or asset that your competitors do not hold. Ones competitive strategies should fall into the following categories:
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