Essay question 3

The competitors are on the same road with our company that want to take success in
business. They are definitely doing something right or some wrong. By researching them, we
can learn what to do and what to avoid in our business. Moreover, by knowing our
competitors, we can look for where we can stand out from the business market.
The first question for this topic is how does a company identify its competitors?
Before answering this question, I want to clarify why the analyzing our competitors is
important?
 First, along with the benefits of creating potential opportunities to gain an edge over
the competition, competitor analysis helps ensure that your products consistently meet
and exceed expectations. of the market. It helps you identify your product's unique
value proposition and what sets your products apart from the competition. This will
bring a lot of benefits to future marketing activities.
 Second, It helps you see what your competitors are doing well. This is extremely
important information, to help learn from their experiences, as well as ensure that
your products and marketing campaigns can outperform the market.
 Third, you can see your competitors' flaws and weaknesses – so you can identify
opportunity areas in your market and test out new, unique marketing campaigns that
your competitors have never run before. declare.
 Fourth, you can get to know the shortcomings of your competitors' products through
user reviews, and look at how you can add these features to your products to meet
those features.
Returning to the main question of the topic, to analyze competitors in business effectively, I
think we need to take into consideration competitors step by step:
 Step 1: Competitive set definition – Focus on those who based on importance of
market
to you and importance of market to them, greatest threat, now or in foreseeable future
 Step 2: Intelligence gathering – Consider broad list of intelligence sources, be
efficient in intelligence gathering, Be aware of legal and ethical hazards, filter for
reliability
 Step 3: Intelligence analyse
 Step 4: Competition prediction – Predicting competitor’s attitude.
 Step 5: Competitor actions/reaction - Formulate competitor-specific strategies and
Prepare competitor response profiles.
You can identify direct and indirect competitors by searching for specific keywords in
Google or by using the Google Keyword Explorer. Then for digging deeper, Go to places
where users are spending time like Facebook or LinkedIn and talk to them directly.
So, what do marketers want to know about the company identified as competitors?
After you have identified your competitors, you need to build a profile of your competitors.
These profiles will give you a detailed description of your competitors' platforms, finances,
products, markets, facilities, employees, and strategies. It will include:
 1. Background:
 Office address, factory and forms of online presence (Website. Fanpage)
 History – Key features, important dates, events and trends
 Owners, management and organizational structure
2. Finance:
 P-E weighting, dividend policy, and earnings
 Financial ratios
 How to grow profit and method
3. Product:
 Product line and proportion of products
 New product innovations, new product success rate, R&D advantage
 Brand, brand dominance, brand loyalty and brand awareness
4. Marketing
 Market segmentation, market share, customer base, growth rate and customer loyalty
 Promotional mix, promotion budget, ad theme, ad agency, closing rate,
 Distribution channels, agreements, partners and geographic coverage
 Prices, prices, discounts, and allowances
 Staff
 Number of employees, core employees and skills required
 Management ability and management style
 Salary, severance rate
 Organizational strategies and marketing strategies
 Goals, visions, development plans, achievements
 Marketing Strategies
When having the background of competitors, you need to analyze competitor’s marketing
activitities:
Firstly, analyze how your competitors market their products.You will need to analyze their
product lines and the quality of the product/service they are producing. In addition, you also
need to pay attention to the prices and promotions that they offer to the customers.To gauge
your competitors' marketing efforts, you can analyze their own company's website.
Secondly, research your competitors' content strategies. To do that, you should consider the
number of the following factors.
Thirdly, analyze your competitor's content engagement. To get an idea of how engaged your
audience is with your competitors' content, you need to see how your target audience
responds to your competitors' posts.
Fourthly, you need to consider how they market their content: keyword distribution, how to
optimize images, how to use internal links?
Last but not least, consider their social media presence, strategy, and access platform.How
are your competitors increasing their brand engagement through social media channels? If
your competitors are using social networks that you are not on, you can learn more about that
platform to grow your business.To see if those social media platforms are worth the
investment, check out your competitors' engagement rates on those pages.
In conclusion, before analyzing your competitors, you need to understand your own business.
You need to have an objective view of your business, revenue, and marketing activities
through the metrics you use to evaluate your competitors.