7. Competitive Analysis
- Price
- Products or services
- Trading hours
- Quality of customer service
- Quality of product or service
- Year in existence
- Presentation of the businesses
Other headings can be used in conjunction or in place of the above headings. This is a tool that will allow us to determine the solution to attracting customers to our business for we will ascertain whether the market we operating in is more focused on quality, price, loyalty (number of years in existence) or by being available to them after hours (trading hours).
Competitive Analysis
Competitive analysis is the process of categorising and evaluating your competitors to understand their strengths and weaknesses in comparison to your own.
It will also be able to inform us if the market we operate in is sensitive to customer service and service delivery.
Case Studies
Watch the following video to gain more insight into the meaning of a Competitive Analysis:
Tasks
While working through this example, prepare your own Competitors Analysis in the appendix at the end of this module.