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Knowing Your Competition!

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"Know Thy Competitor(s)"!

"Know Thy Competitor(s)"!

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    Knowing Your Competition! Knowing Your Competition! Presentation Transcript

    • How Do You View Your Competitor(s)? Presentation By Andre’ Harrell CEO AH2 & Beyond
    • How Do Your Competitor(s) View You?
    • Are You Close To Your Competitor(s)?
    • If You Do Not Have The Answers To These 3 Questions YOU LOST!!
      • Competitive Analysis – Why? (Strategies)
      • Understanding the enemy
      • Competitive Analysis – Ongoing 3-step process
      • “ War-Games” Break-out Session followed by Session Wrap-up
      Presentation Outline
    • 2 Competitor Analysis – Why?
      • Sun Tzu, the great Chinese military strategist, wrote a treatise on the Art of War in 500 BC;
        • If you are ignorant of both your enemy and yourself, then you are a fool and certain to be defeated in every battle;
        • If you know yourself, but not your enemy, for every battle won, you will suffer a loss;
        • If you know your enemy and yourself, you will win every battle.
    • 2 Competitor Analysis – Strategies
      • Defensive Strategy
        • Hold the high ground(Market Share)
        • Blocks all competitive moves
        • Willing to attack oneself
        • Offensive Strategy
        • 5 to 1 superiority
        • Significant resources available
        • Flanking Strategy
        • All great Strategists use this type
        • Find a weakness to exploit
        • Increase your market once you gain hold
    • 2 Competitor Analysis – Strategies
      • A Few Things To Remember Regarding Your Strategy
        • Rely upon one Strategy, well tested, to accomplish an objective (achieving your “win”)
        • If you attempt to execute more than one strategy at a time, you dilute your ability to achieve your “win”
        • Michael Porter’s Article “What is Strategy”, says that attempting to execute more than one strategy comes from a “failure to choose” and leads to division of tactical support elements exponential to the number of strategies.
    • 5 Competitive Analysis – Ongoing Process
      • Analysis of your competitors has to be a critical part of your business planning process (e.g. situational analysis, customer segmentation diagramming, etc)
      • Your goal is to make sure you have an effective coordinated approach (e.g. sales, marketing, business analytics, operations, R&D, Key Opinion Leaders etc)
      • Schedule periodic “Strategic War Game” Meetings/Projects that map out key competitors from comparing/contrast perspective
      • Market Research elements that identify key market areas, market shares, sales force intelligence, marketing capabilities
    • Understanding The Enemy
      • How they think
      • What are their strengths
      • What are their weaknesses
      • Where are they vulnerable
      • Where can they be attacked
      • Where the risk of attack is too great…
    • 4 What Can We Do With This Understanding Of The Enemy?
      • Use it in making key business decisions
      • Evaluate our own performance against our competitors
      • Create marketing strategies that take advantage of our strengths and competitors weaknesses, and that address our competitors marketing of their strengths and our weaknesses
      • Get new ideas – what are they doing that is very successful – should we consider doing it?
      • Create a culture within our own business of continually seeking to improve
    • What Do We Mean By Competitors?
      • Other organizations offering the SAME product or service NOW
      • Other organisations offering SIMILAR products or services NOW
      • Organisations that could offer the SAME OR SIMILAR products or services in the FUTURE
      • Organisations that could REMOVE THE NEED for a product or service
    • What do we need to know about our competitors?
      • What do they offer?
        • Product range (existing and expected new products)
        • Service portfolio (existing and expected new services)
        • How do these compare to ours?
        • What do we do better than them?
        • What can we learn from them?
      • Who do they offer to i.e. who are their customers?
        • Consider the different types of customer
        • Are they picking off the best customer groups / customers?
        • Consider their major customers - can we target them to win their business?
        • What can we learn from them?
    • 9 What do we need to know? (contd.)
      • What is their offer quality / service / relationship?
        • Why do their customers buy their products? Consider all customer groups as the answer may be different for different groups
        • How do this compare to our offer mix?
        • What do we do better than them?
        • What can we learn from them?
      • How do they promote themselves?
        • What marketing strategies do they use? Advertising / Press coverage / direct mail / face to face customer interaction etc…?
        • What key messages do they get across?
        • Do they focus on their strengths, their competitors’ weaknesses or both?
        • How do we promote better?
    • What do we need to know? (contd.)
      • Who are their suppliers?
        • Do they use the same suppliers as we do?
        • If they do, is this on the same commercial terms?
        • If not, why? Are these new suppliers worth investigating?
        • What can we learn from them?
      • How financially secure are they?
        • Are their financial results indicating their current business strategies are successful?
        • Or do they indicate they may need to change their strategies?
        • Are they in urgent need of a step change in market share which could lead to the introduction of very short-term pricing strategies?
    • What do we need to know? (contd.)
      • What kind of organization are they and what are their business strategies?
        • How have they set themselves up to meet customers needs?
        • What is their ownership structure and how does this drive their business strategies?
        • What can we learn from them?
      • What are their Strengths & Weaknesses?
        • What are they best at?
        • Where are they exposed?
    • What do we need to do? (contd.)
      • Specifically, what are their main competitive advantages over Us?
        • What do they say about their strengths?
        • What do they say about our weaknesses?
        • How do they say it ie advertising, press coverage, face to face customer interaction, etc.?
      • How can we counteract them?
        • What can we say about our strengths?
        • What can we say about the weaknesses they claim we have?
        • How can we say it ie advertising, press coverage, face to face customer interaction, etc.?
        • How can WE influence the influencers?
    • “ War-Games”Break-out Session
      • Break-out Groups
        • Group 1 - North America & Middle East
          • Key National Competitors + Company A, Company B, Company C,
        • Group 2 - Mainland Europe
          • Key National Competitors + Company D, Company E, Company F
        • Group 3 - UK & Ireland, ANZ
          • Key National Competitors + Company G, Company H, Company I
        • Group 4 - Africa & South America
          • Key National Competitors
      • Prepare initial answers to Slides 14, 15 and 16;
        • What are their Strengths & Weaknesses?
        • Specifically, what are their main competitive advantages over Our Company?
        • How can we counteract them?
        • Remember : Thinking about questions 11- 13
        • may also help when answering Questions 14, 15 and 16
      “ War-Games”Break-out Session
      • 1 hour to discuss in your groups
      • 15 minutes to present your answers
      • Break for refreshments after first 2 groups presentation
      • After all groups have presented, we will have a final short session to consolidate our best ideas and wrap-up
      “ War-Games”Break-out Session
      • Group Discussion – who are our key competitors in key global markets?
      “ War-Games”Break-out Session
    • Global Competitive Analysis Session - Wrap-Up
      • This session has been a very useful start to this process
      • Think about useful sources of competitive information – not just market research reports!
      • Thank you all for your input to this session
      • – I think we really hit the target!
    •