Tuesday, February 8, 2011

Article Review: Strategy - Competitor Analysis

Shared by Dr. Cheryl Cottle
Competitior analysis has been a strategic strategy employed by businesses, both large organizations and small businesses. It is generally conducted during the development of a business plan at the initial stage of your business development, but it is advised that it should be a practice conducted throughout various periods in your business development to keep abreast of what is happening in the market place and among your competitors so that you can better position your business.

Do you think that as women in business we should also engage in conducting competitors  analysis; or as some say it is to time consuming and I rather focus on what I am doing. What can be the result of failing to conduct one?

This article proposes that as business owners, we should ask the following questions when conducting a competitive analysis.
  1. Who are our competitors?
  2. What threats do they pose?
  3. What is the profile of our competitors?
  4. What are the objectives of our competitors?
  5. What strategies are our competitors pursuing and how successful are these strategies?
  6. What are the strengths and weaknesses of our competitors?
  7. How are our competitors likely to respond to any changes to the way we do business?
To read more go to: http://www.tutor2u.net/business/strategy/competitor_analysis.htm

1 comment:

Dr. Cheryl V. Cottle said...

I believe that conducting a competitor's analysis is a great business practice. It helps you to identify what others in your area has been doing that is different from you. It also help you to identify who has adopted your business model - - are they competing for your niche market? It helps you to identify your strengths and weaknesses. Essentially it helps you to compete more aware in the marketplace. As women in business do you think it is good business practice to conduct a competitor's analysis during the business planning stage and throughout various life cycles of your business?

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