Introduction to business analysis: identifying and getting to know the competition.

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Presentation transcript:

Introduction to business analysis: identifying and getting to know the competition

2 3-2 Introduction to business analysis: identifying and getting to know the competition Define the business Analyze the competitors Learn from competitors Do we know enough about the competition?

Introduction to business analysis: identifying and getting to know the competition Competitor/Industry Analysis Identify competitors (domestic and foreign), potential competitors and possible substitutes in your marketplace. How do their products compare? How profitable are these competitors? What are the Societal and Industry trends affecting your product? Describe regulatory issues - federal, state, local, foreign. Show potential for growth within the industry. What advantages/disadvantages do you have versus the competition: price, quality, features, maintenance and service. How can you develop or sustain a competitive edge?

Introduction to business analysis: identifying and getting to know the competition Definition of the Key Success Factors of the Business What have in common the success businesses? What is absolutely necessary in order to survive in this specific business?

Introduction to business analysis: identifying and getting to know the competition Business analysis: the tools and the technique Field work –D–Direct monitoring of competition –M–Monitoring the competition through their promotion strategy Desk work –M–Main sources of information

Introduction to business analysis: identifying and getting to know the competition Main sources of information about the competition Business report “Grey press” Business magazines Government papers Directories Vortals ………………………..

How to project a research Information needed Already available in MIS To be provided through Business analysis Market research Field Desk Existing research reports Research performed by professionals “do-it- yourself” territories

Introduction to business analysis: identifying and getting to know the competition Business report outline Sector/industry definition Industry evolution Regulations Sector subjects, competitors list Intensity of competition “Game rules", entry barriers and key success factors Rating Bibliography and sources of information

Introduction to business analysis: identifying and getting to know the competition Sources Business reports Degree papers, grey press Technical publications Business magazines Economic press Governative documents Company documents Directories Vortals

Introduction to business analysis: identifying and getting to know the competition Research through Internet Finding information Monitoring the competition and studying the industry Identifying and download reports Conducting real research programs on Internet (web surveys)