a competitive analysis grid is a tool for organizing the information a firm collects about its competitors to see how it stacks up against its competitors provides ideas for markets to pursue, and, perhaps most importantly, identifies its primary sources of competitive advantage.
“the competitive analysis grid should identify your competitors and include an assessment of the key characteristics of the competitive landscape in your industry, including competitive strengths and weaknesses and key success factors.” the competitive analysis grid provides the most meaningful information to determine the position of your business as well as of your competitors and helps you to point out the strengths and weaknesses of every competitor for comparison and analysis. some probable reasons include they don’t have any nearby competitors, lower prices than their competitors, wider variation of products, providing different services, or marketing and branding appealing the target market.
a competitive analysis should provide the entrepreneur with information about how competitors market their business and ways to penetrate the market by entry through product or service gaps in areas that your competitors do not serve or do not serve well. your analysis should inform you of a combination of key success factors within the industry (what it takes to be successful in the industry) and of what your competitors are not offering that is valued by your target market. the goal is to identify competitors’ strengths and competitive advantages with any overlaps among competitors. the unique selling proposition is important to the marketing plan and is often used as a slogan.
part of the analysis in determining if your idea is an actual entrepreneurial opportunity is identifying a feasible business model. a fuller version of the business model is covered in business model and plan. knowing that the venture solves a sizable and significant problem that the target market is willing to purchase is a key piece in determining financial viability. the benefit to the customer in this situation is fewer transactions. the openstax name, openstax logo, openstax book covers, openstax cnx name, and openstax cnx logo are not subject to the creative commons license and may not be reproduced without the prior and express written consent of rice university.
a competitive analysis grid is a tool for organizing the information a firm collects about its competitors to see how it stacks up against its competitors the competitive analysis grid should identify your competitors and include an assessment of the key characteristics of the competitive competitive analysis. kit needham who are uber’s competitors? direct? indirect? examples of features. • price. • benefits. • quality. • durability., competitor analysis template, competitor analysis template, competitor analysis example, competitor analysis framework, competitive analysis grid.
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