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Process model for the development and implementation of a competitive analysis approach.

At the beginning of every competitive analysis the problems need to be declared and defined. It is necessary to define who and which goals will be analyzed. Depending the previous step, the required information can be sourced: market segment information, success factors and indicators. Subsequently, the relevant market to be researched needs to be determined. The basis of market definition is the segment, and then into smaller units based on customer-relevant decision criteria. The selection of dimensions for analysis should be designed so that customer-relevant success factors are matched to the goals, strategies and skills of the competition. Indicators and related information should be chosen so that companies can differentiate themselves on the characteristics. The starting point of the evaluation model design is to have different forms of comparable indicators that can be graphically displayed. Quantitative information can be easily evaluated with a mathematical model, the lower the price the higher the customer benefit. A qualitative model is more complex and is usually done with a scoring model. The information processing is an essential building block to ensure that the information gained is not only taken note of, but will be included in the strategic information and decision processes, i.e. acted on.

The responsibilities in an ongoing competitive analysis should be resolved as early on as possible. In this context, it is necessary to determine who is responsible for the required information collection, maintenance and evaluation. With the frequency of updates to the information and the complexity in its evaluation, there should be an automated evaluation and data treatment process. The results should be assessed on a regular basis.

Company and Competition Research

Strengths and Weaknesses

The ability to identify and properly assess strengths and weaknesses of the business, as well as the competition, is central to creating and implementing a corporate business strategy in the market. Internal analysis requires resources, skills and processes to be at the center. Processes that have direct contact to the customer should be at the forefront of service businesses. The view outwards to the competition, especially to their market strategies,products, prices, marketing channels, sales and promotion, and communication activities is imperative. While secondary data can be used, the challenge lies in the choice between available and reliable and how the evaluation and consolidation of this information is performed. For this CONOSCOPE has developed and uses special analytical and evaluation tools. They include potential analysis, benchmarking and scoring models. The objective is always to derive the optimization potentials and strategies for action.

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2019
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