ADcumen Leadership Development program . Workshop 2 – Competitive Analysis. Recap - Understanding your market. Four Simple Steps to Understanding Your Market Understand your value What problem does your product solve? How does your product compare with the competition?
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Workshop 2 – Competitive Analysis
Four Simple Steps to Understanding Your Market
Who buys your product?
What will they use it for?
What does your solution offer that others don’t/What problem does it solve?
How does your solution solve the problem and remove the pain?
Typical Research Questions:
Develop Your Own List of Research Questions:
1. SWOT Analysis:
Strengths; Weaknesses; Opportunities; Threats
State what you are assessing here: ____________________________________________________________________________________________________________
(This particular example is for a new business opportunity. Many criteria can apply to more than one quadrant. Identify criteria appropriate to your own SWOT situation.)
What do you do well?
What unique resources can you draw upon?
What do others see as your strengths?
Advantages of proposition?
USP's (unique selling points)?
Resources, Assets, People?
Experience, knowledge, data?
Financial reserves, likely returns?
Marketing - reach, distribution, awareness?
Location and geographical?
Price, value, quality?
Accreditations, qualifications, certifications?
Processes, systems, IT, communications?
Cultural, attitudinal, behavioural?
Management cover, succession?
Philosophy and values?
Gaps in capabilities?
Lack of competitive strength?
Reputation, presence and reach?
Own known vulnerabilities?
Timescales, deadlines and pressures?
Cash flow, start-up cash-drain?
Continuity, supply chain robustness?
Effects on core activities, distraction?
Reliability of data, plan predictability?
Morale, commitment, leadership?
Processes and systems, etc.?
Management cover, succession?
Competitor intentions - various?
New technologies, services, ideas?
Vital contracts and partners?
Sustaining internal capabilities?
Loss of key staff?
Sustainable financial backing?
Economy - home, abroad?
Seasonality, weather effects?
Technology development and innovation?
New markets, vertical, horizontal?
Niche target markets?
Geographical, export, import?
Tactics: e.g., surprise, major contracts?
Business and product development?
Information and research?
Partnerships, agencies, distribution?
Volumes, production, economies?
Seasonal, weather, fashion influences?
What threats could harm you?
What is your competition doing?
What threats do your weaknesses expose you to?
taxation specific to product/services
specific industry factors
market routes trends
interest/ exchange rates
international trade and monetary issues
competing technology development
maturity of technology
manufacturing maturity and capacity
information and communications
consumer buying mechanisms/technology
technology access, licensing, patents
intellectual property issues
consumer attitudes and opinions
law changes affecting social factors
brand, company, technology image
consumer buying patterns
fashion and role models
major events and influences
buying access and trends
advertising and publicity
Note: PEST analysis can be useful before SWOT analysis because PEST helps to identify SWOT factors. PEST and SWOT are two different perspectives but can contain common factors.
5 Forces of Competition
Michael Porter’s 5 competitive forces:1. Threat of new entrants2. Bargaining power of suppliers3. Bargaining power of buyers4. Threat of substitute products5. Intensity of rivalry among competitors
Competitive Analysis Calculator
Business Case Template Links