Competitor research in strategic management and marketing is a careful analysis of the weaknesses and strengths of current and potential rivals. This study provides both a competitive and defensive strategic perspective to identify potential threats and opportunities.
Strategic management in the commercial arena involves managing the process of identifying, assessing, planning for, and reacting to threats to the competitive advantage of a company. Competition in the commercial arena can take on many forms and involve almost all types of businesses, including those of government, international, and consumer businesses. The basic objective of the competition is to create a better customer or client relationship and more opportunities for the achievement of a given business objective.
The business environment has become more dynamic than ever, with new competitors emerging everyday. Competition also means that competitors must constantly adjust their strategies and tactics to stay ahead of one another. It also means that new markets are emerging and existing markets are being challenged by competitors who are developing new strategies, products, and/or services. A key component of competitive management in the commercial arena is finding ways to determine what challenges your company may face from the current and/or future competition. This may include but is not limited to, identifying current market trends, the market position of competitors, analyzing competitor’s strategic initiatives and activities, and analyzing competitor’s market penetration, product, and/or service offerings.
When conducting competitive research, it is important to find out which competitor’s efforts and strategies are most likely to affect you. One way of doing this is through an analysis of market competition and market shares in the various markets. The study will provide the company with information on the competition’s recent strategy changes, their market share, and the impact of their strategies on the market share of competitors. It is important to note that market competition is a highly cyclical industry and the data provided will be based upon market competition during the past few years.
A key component of competitor research in the commercial arena is identifying where a competitor’s strategies might be most effective. An example of this might be how a competitor’s product or service will be able to compete with a newly developed product or service that is currently available to the market. A competitor’s competitors’ strategy might include offering special pricing schemes, discounts, incentives, or free merchandise that would entice consumers to use their product or service. if they can not get it at a lower price. Other strategies might be to offer an attractive advertising program, for customers to get their attention, to offer discounts to existing customers, to utilize special promotions, and promotions offered by competitors, and so forth.
Another way to determine where a competitor’s strategies would work is to analyze their strengths and weaknesses. The analysis should identify what their strengths, such as marketing, sales, marketing, and research and development, might be.
Competitor research in the commercial arena also includes a critical analysis of each competitor’s research and development (R&D) strategy, including a review of the competitors’ marketing mix. In particular, the analysis should identify what elements are crucial to the success of a company in its own industry and how the company would benefit from its competitor’s R&D efforts. The analysis should include an analysis of market research, market analysis and marketing mix, market share, competition in their industry, competitors’ research and development, and competitors’ marketing approaches. Competitor research should also include an analysis of competitors’ strategies, including their target markets, pricing, market penetration, customer service, product mix and promotion, and so on.
It is also important to conduct competitive management in the commercial arena, because of the critical importance of competitive intelligence and knowledge to a company’s long-term success. Competitor research in the commercial arena helps to provide competitive intelligence that helps to make better business decisions. The information gained from competitive management helps to create a more successful competitive management team, which helps to improve overall corporate profitability.