BUSI 1210 Chapter Notes - Chapter 18: Lawtons, Paracetamol, Procter & Gamble
2 Dec 2016
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Steps in analyzing competitors: identify direct competitors (and indirect, assess competitive objectives, strategies, strengths and weaknesses, select which competitors to attack or avoid. Key here is to look at present and future competitors; Lines are blurring in many distribution channels; Companies are more likely to be buried by its latent competitors; Key is to expand the definition of who your competitors are; Objectives: profitability, market share growth, technology, service quality, relationships etc. Look for strategic groupings" firms in the same industry that pursue the same or a similar strategy; Might be technology leadership; might be sales driven; might be profit driven. Key here is to benchmark using existing data about the firm; Gather data on past practices (advertising, pricing etc. Don"t take #1 head-on unless you are equally well financed and can sustain a presence. This is what makes walmart such a formidable presence in the retail food market place.
