Competitor analysis
Development of the concept of marketing research in this area is based on the following stages of competitor’s activities analysis:
- Identification of main competitors;
- Analysis of competition on the market – identification of main parameters of competition;
- Examination of competitors’ prices and product offers;
- Examination of distribution channels;
- Brand portfolio research;
- Competitors’ strategy analysis;
- Examination of advertising and marketing activities.
Key elements in analysis of competitors:
- Competitors’ product analysis – identification of background, options and particularities of launching on the market of modernized (new) product of competing companies; analysis of manufactured product range and main product parameters, range of brands in product portfolio; examination of different competitors’ solutions (in particular, connected with containers and packing, their design, material, etc.), taking in consideration individual stages of product lifecycle.
- Competitors’ price analysis – description of principles of price strategy development and pricing method selection by competitors, detailed analysis of competitors’ prices, examination of price programs, assessment of internal rate of return, determination of price segments and assessment of their shares in total sales volume.
- Competitors’ communication analysis – analysis of competitors’ market communication system in areas of attraction of efficient HR, activation of raw material supplies and final product sales, distribution, advertising, PR etc.; identification of marketing strategies, programs, ideas, assessment of their efficiency, analysis of competitors’ brand recognition.
- Competitors’ sales and distribution analysis – identification of competitors’ distribution strategy and the tools to implement it, examination of product distribution channels and their controls, assessment of degree of their efficiency. Competitors’ distribution analysis is based on examination of competitors’ logistic chains, the complex of their relations with external distribution chains and consumers, analysis of pre-sale and after-sale service, assessment of quantity of products sold by competitors, and service quality.
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