Generally speaking, whether your company produces a brand new product, an improved product, or a mature product, you are facing competition. If it is a brand new product, it faces competition from later imitators; if it is an improved product, it faces competition from old products; if it is a mature product, it faces competition from other companies’ products on the market, as well as competition from later substitutes. Therefore, competition is difficult to avoid under market economy conditions, unless it belongs to a monopoly industry.
Interestingly, the highest goal of marketing is to prevent other companies or products from competing with themselves, or companies hope to control this competition and turn it into a self-interested competition. To achieve this, it is believed that only by knowing yourself and the enemy, that is, doing a good job of competition analysis and market positioning, avoiding the real and attacking the false, and playing to one’s strengths and avoiding weaknesses.
It is recommended that the company’s operating person or marketing manager should personally conduct competition analysis and determine priority markets and key markets. Because competition analysis, the determination of priority markets and key markets are major issues related to the allocation and optimization of corporate market resources, and sometimes competition analysis can help you negate some of the original wrong decisions, remind you to make timely adjustments, and find the correct business direction and key products, so it must not be ignored.
If you are a salesperson, financial staff or administrative staff of a company, you must also check whether your company has done a competition analysis, whether it is competitive in the current field, and whether it has made preparations for future competition. If not, I hope you can remind the operators of your company. If you can still do some work in this regard, please write a report and make your own suggestions to your manager or boss, which may make your boss look at you with new eyes. Even if your suggestions are not very pertinent, at least remind your boss to pay attention to this aspect.
Especially for small and medium-sized export companies, how to do competition analysis? How to make a useful and uncomplicated competition analysis report? It is believed that in terms of practical operations, it is relatively difficult to do a complete competition analysis, especially since information on many foreign companies is not easy to obtain. Therefore, the concept of simple international market competition analysis is proposed, and its content includes:
Who are our competitors
Simple competitor analysis
How to formulate competitive countermeasures