Knowing Your Competition!

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"Know Thy Competitor(s)"!

"Know Thy Competitor(s)"!

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  • 1. How Do You View Your Competitor(s)? Presentation By Andre’ Harrell CEO AH2 & Beyond
  • 2. How Do Your Competitor(s) View You?
  • 3. Are You Close To Your Competitor(s)?
  • 4. If You Do Not Have The Answers To These 3 Questions YOU LOST!!
  • 5.
    • 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
  • 6. 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.
  • 7. 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
  • 8. 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.
  • 9. 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
  • 10. 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…
  • 11. 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
  • 12. 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
  • 13. 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?
  • 14. 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?
  • 15. 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?
  • 16. 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?
  • 17. 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?
  • 18. “ 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
  • 19.
    • 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
  • 20.
    • 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
  • 21.
    • Group Discussion – who are our key competitors in key global markets?
    “ War-Games”Break-out Session
  • 22. 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!
  • 23.