- Sept. 13, 2013
-- An essential component of market research is competitive analysis, without it a business is operating blindly and wastefully. Competitive market research allows a company to assess strengths and weakness of potential and current competitors, and helps marketers understand the consumer marketplace in which it does business. To begin this process, a marketer must first start with competitor profiling, which can be done in a excel spreadsheet, written out on a huge whiteboard or even hand drawn on simple piece of paper. In this exercise, the marketer coalesces creates a matrix table which lists one’s own company and competitors’
strengths, weaknesses, opportunities and threats – this is otherwise known as a SWOT competitor analysis in market research. The marketer must coalesce all relevant sources of analyzing your competitor into a framework for effective and efficient strategy formulation, implementing strategies, monitoring the progress and making adjustments as needed. Competitor analysis is a strategic element and essential component of a market research and an overall business, corporate strategy.