MARK344 Lecture Notes - Lecture 4: Competitor Analysis, Iden, Cash Flow
Document Summary
Competitive benchmarking: competitive benchmarking is the process of measuring your company"s strategies and operations against best-in-class" companies, both inside and outside your own industry. Industry leaders are obvious firms to compare your own activities against. Central to such an analysis will be identifying the keys to their success in the market: benchmarking may also, however, be undertaken against lesser players in the overall market. New entrants or smaller, more focused firms may have particular strengths from which the firm can learn. Identifying what aspects of business to benchmark: scarce resources and time constraints generally dictate the selection of a few key central processes for detailed benchmarking. These will initially centre on the key factors for success in the industry: collecting relevant data to enable processes and operations to be compared. In the medium term the focus of competitor analysis must be firms within the same strategic group as the company concerned.
