Question-   What's a Competitive Analysis

Solution-

Answer:

During lecture and the workshop in this week we have learned about the micro analysis – competitive analysis of a business. By analyzing the business’s competitors and their strengths and weaknesses, managers can develop relevant action plans and aim new strategies, thus competitive analysis also help to determine the position of the business within industry at the present time. Generally, there are two types of competitors for a business, one is a specific firm that is the direct competitor, and the other is from the industry that may have similar products or services. In the lecture we were also taught on the kinds of competitor origins, later we discussed this within teams during the workshop. Thus, there are generally seven kinds of competitors: entrepreneurs, global organizations, savvy analysis, failed partnerships, scorned executives, abandoned process, venture formation. Competitive intelligence and the act of data collection can therefore be seen as growth factors for a company. Any entrepreneur can (and should) benefit from their competitors' successes and mistakes in order to efficiently and cost-effectively grow their company. In order to conduct the competitive intelligence, the firm should collect data from the employees who mainly contact with the clients, the employee should learn what customers think about other companies (potential competitors for the firm). Moreover, such information can be achieved from industry, relevant government departments, partners including suppliers, promotion firms etc. Finally, to conduct competitive intelligence secondary data could be utilized. Secondary data includes reports, articles in journals and websites, newspaper, advertisement, books. Those secondary data may contain interviews from CEOs of competitors or other relevant information that is useful to conduct competitive analysis.

 

2.

My key learnings from this week is a micro analysis of the market inclusive competitions’ analysis.  During workshop we were split to the teams and worked on competitor analysis of ALDI. We identified national and international competitors of the firm such as Coles, IGL, Woolworth as regional competitors; Amazon and Ikea as international level competitors.

We have also analyzed the position of each of these companies. Thus, leaders, followers, challengers, niche roles of the companies were determined. This workship activity provided be with strong knowledge about potential and existing competitors identification, and the roles or position of competitors in the market. Finally, I also learned how to identify the market issues at micro-level, especially, the workshop activities have been useful in achieving this. 

 

 

3.

This learning will be useful to my project, because now I more informed about the competitor analysis and the ways it is done. I could even highlight the fact that competitor analysis is one of the critical parts that would be included in my project. Though Coca-Cola is a giant firm in the world, it still faces competition, especially from local firms. Therefore, it is important to research and present in the project and also suggest the ways to enhance the ability of the firm to better compete in the local context. With the knowledge of this week’s topic I feel more confident in conducting competitor analysis for my project

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