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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1152 |
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What do you do once you ascertain who your competitors are? Competitors analysis:
– Strategies: group competitors by their market strategy
– Objectives: identify the competitors’ objectives to understand drivers behind their actions
– Strengths and weaknesses: 5 tiers of competitive positions
o Dominant: this firm control the other competitors’ behavior and has many strategic options
o Strong: firm can take independent action w/o endangering its long term position and can maintain its long term position regardless of competitors’ actions
o Favorable: firm has an exploitable strength and a better opportunity to improve its position
o Tenable: firm’s performance is sufficient for it to remain in business, but it exists at the sufferance of the dominant company and has less opportunity to improve its position
o Weak: the firm has unsatisfactory performance and an opportunity for improvement; it must change or exit
o Nonviable: firm has unsatisfactory performance and no opportunity for improvement
Must continuously gauge competitors’ share of market, share of mind and share of heart
– Reaction Patterns: 4 types of competitors
o Laid-back: does not respond quickly
o Selective: reacts only to certain types of attacks
o Tiger: reacts swiftly and strongly
o Stochastic: exhibits no predictable reaction pattern
- Competitive Intelligence System
– Designing the competitive intelligence system
o Set up system: identify types of information, id the best information sources, and assign someone to manage the system and its service
o Collect data: collect data from field, competitor’s customers, published data...
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Aim of this strategy is to reduce probability of attack, divert attacks to less threatening areas, and lessen their intensity.
o Position Defense: build impregnate fortification around one’s territory (ie Coke owns just about every fruit brand there is to own under the sun)
o Flank Defense: erect outposts to protect a weak front or possibly serve as an invasion base for counterattack
o Preemptive Defense: attack before a rival starts its offense
o Counteroffensive Defense: invade attacker’s main markets in order to force it to defend its territory...
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