ADcumen Leadership Development program Workshop 4– Competitive Analysis.
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ADcumen Leadership Development program Workshop 4– Competitive Analysis
Agenda Review –Where we’ve been Where are we at presentations Group work Where are we now presentations Determine Teacher Pilot Program enrollment criterion Decision re final session
Recap - Understanding your market Four Simple Steps to Understanding Your Market 1.Understand your value What problem does your product solve? How does your product compare with the competition? Who will buy it and why? How will you reach them? 2.Survey the competitive landscape 3.Understand your target market 4.Plan your sales campaign
Market Who buys your product? Market Who buys your product? Need What will they use it for? Need What will they use it for? Pain What does your solution offer that others don’t/What problem does it solve? Pain What does your solution offer that others don’t/What problem does it solve? Solution How does your solution solve the problem and remove the pain? Solution How does your solution solve the problem and remove the pain?
Knowing Your Market Two kinds of research: 1.Primary research -Going directly to the prospective customers 2.Secondary research - Census and demographic data.
Who wants what you sell – Do they have a real need for the product I intend to sell? Why do they want it? - What problem does your product solve? Where are they? How many of them are they - How many of these people who have this need are potential customers? How much are they spending to address that need today? How different is my product from what is being sold today? Typical Research Questions:
Understanding competitive strengths and weaknesses: SWOT Analysis: Strengths; Weaknesses; Opportunities; Threats SWOT Analysis is a simple but useful framework for analysing your organization's strengths and weaknesses, and the opportunities and threats that you face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you. SWOT Analysis can be used to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool. You can also use it to get an understanding of your competitors, which can give you the insights you need to craft a coherent and successful competitive position. When carrying out your SWOT Analysis, be realistic and rigorous
Understanding competitive strengths and weaknesses: PEST analysis: The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. By understanding your environment, you can take advantage of the opportunities and minimize the threats. A PEST analysis is a business measurement tool. PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit. The PEST analysis headings are a framework for reviewing a situation, and can be used to review a strategy or position, direction of a company, a marketing proposition, or idea.
Some people prefer to use different flavours of PEST Analysis. PESTLE/PESTEL: Political, Economic, Sociological, Technological, Legal, Environmental. PESTLIED: Political, Economic, Social, Technological, Legal, International, Environmental, Demographic. STEEPLE: Social/Demographic, Technological, Economic, Environmental, Political, Legal, Ethical. SLEPT: Social, Legal, Economic, Political, Technological. Other forms of PEST – PESTLE, PESTLIED, STEEPLE and SLEPT:
Porter's Five Forces Looks at multiple aspects of the industry’s competitive structure and economic environment, including: The bargaining power of buyers, The bargaining power of suppliers, The threat of substitute products. The threat of new entrants, and The idea is to look at each of these factors and determine the degree to which they increase competition in the industry. If the forces are strong, they increase competition; if the forces are weak they decrease competition.
Competitive Analysis Understanding your competitive strengths and weaknesses is a prerequisite to developing a winning marketing strategy. The Competitor Rating CalculatorThe Competitor Rating Calculator allows you to rate your offering against that of up to five main competitors. Competitors can be rated on the basis of the most important factors in the purchasing decision. Bar and radar charts are automatically generated based on the ratings input. The ratings are then adjusted on the basis of the importance/weighting you have given to each of the factors in the purchasing decision The weighted ratings are automatically calculated and bar and radar charts are generated. A Total Competitive Score is also calculated and a corresponding Bar Chart is produced. A Total Adjusted Competitive Score is also calculated and a corresponding Bar Chart is produced.
Building a Business Case Feasibility Study or Project Justification Report Clarify/confirm criteria needed to be fulfilled to justify starting or continuing the project or group – i.e. What do the decision-makers need to see in order to approve the project or its continuation? Business Case A Business Case justifies the start-up of a project. It includes a description of the business problem or opportunity, the costs and benefits of each alternative solution, and the recommended solution for approval. ROI Analysis An ROI analysis is method of analysis that helps determine if purchasing something is worth the cost by taking into account both initial costs and ongoing costs. Compares the magnitude and timing of investment gains directly with the magnitude and timing of investment costs.