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Competitor Analysis
This document discusses competitor analysis for a hospitality marketing organization. It defines direct and indirect competitors and lists forces that can drive down prices. It also outlines the steps for conducting a competitor analysis, including identifying competitors, profiling them, understanding their strategies, and assessing strengths/weaknesses. Additionally, it describes different types of market-based competition and bases of competition between organizations. Finally, it lists factors to consider when analyzing competition within a category.
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Competitor Analysis
- 1. Competitor Analysis Week 5 CompetitorAnalysis Week 5 Hospitality Marketing Nur Agustinus Hospitality Marketing Nur Agustinus
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- 5. Indirect Competitors “Indirect competitorsoffer the same stuff but have a different goal. They don’t drive revenue the same way.” “Indirect competitors offer the same stuff but have a different goal. They don’t drive revenue the same way.”
- 8. Forces that drivedown pricesForces that drive down prices • Many sellers • Stagnant or declining industry • Firms have different costs • Excess capacity • Undifferentiated products • Large/infrequent sales orders • Strong exit barriers • Prices/terms of sale unobservable • Prices cannot be adjusted quickly • Many sellers • Stagnant or declining industry • Firms have different costs • Excess capacity • Undifferentiated products • Large/infrequent sales orders • Strong exit barriers • Prices/terms of sale unobservable • Prices cannot be adjusted quickly • Many sellers • Stagnant or declining industry • Firms have different costs • Excess capacity • Undifferentiated products • Large/infrequent sales orders • Strong exit barriers • Prices/terms of sale unobservable • Prices cannot be adjusted quickly • Many sellers • Stagnant or declining industry • Firms have different costs • Excess capacity • Undifferentiated products • Large/infrequent sales orders • Strong exit barriers • Prices/terms of sale unobservable • Prices cannot be adjusted quickly • Many sellers • Stagnant or declining industry • Firms have different costs • Excess capacity • Undifferentiated products • Large/infrequent sales orders • Strong exit barriers • Prices/terms of sale unobservable • Prices cannot be adjusted quickly
- 9. • Organizations always operatewithin a competitive industry environment. They do not exist in vacuum. • Analyzing an organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. • Organizations always operate within a competitive industry environment. They do not exist in vacuum. • Analyzing an organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. • Organizations always operate within a competitive industry environment. They do not exist in vacuum. • Analyzing an organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. • Organizations always operate within a competitive industry environment. They do not exist in vacuum. • Analyzing an organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. • Organizations always operate within a competitive industry environment. They do not exist in vacuum. • Analyzing an organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment. • Organizations always operate within a competitive industry environment. They do not exist in vacuum. • Analyzing an organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment.
- 10. Steps of CompetitorAnalysisSteps of Competitor Analysis The following are the steps to be conducted for carrying out a Competitor Analysis: • Step 1: Identify Potential Competitors • Step 2: Carry out a through Competitor Profiling • Step 3: Understand Competitors’ Strategies • Step 4: Analysis of Strengths and Weaknesses against Competitors • Step 5: Assess Market Attractiveness • Step 6: Analyze Sources of Competitive Advantage • Step 7: Design Competitive Strategies The following are the steps to be conducted for carrying out a Competitor Analysis: • Step 1: Identify Potential Competitors • Step 2: Carry out a through Competitor Profiling • Step 3: Understand Competitors’ Strategies • Step 4: Analysis of Strengths and Weaknesses against Competitors • Step 5: Assess Market Attractiveness • Step 6: Analyze Sources of Competitive Advantage • Step 7: Design Competitive Strategies The following are the steps to be conducted for carrying out a Competitor Analysis: • Step 1: Identify Potential Competitors • Step 2: Carry out a through Competitor Profiling • Step 3: Understand Competitors’ Strategies • Step 4: Analysis of Strengths and Weaknesses against Competitors • Step 5: Assess Market Attractiveness • Step 6: Analyze Sources of Competitive Advantage • Step 7: Design Competitive Strategies The following are the steps to be conducted for carrying out a Competitor Analysis: • Step 1: Identify Potential Competitors • Step 2: Carry out a through Competitor Profiling • Step 3: Understand Competitors’ Strategies • Step 4: Analysis of Strengths and Weaknesses against Competitors • Step 5: Assess Market Attractiveness • Step 6: Analyze Sources of Competitive Advantage • Step 7: Design Competitive Strategies The following are the steps to be conducted for carrying out a Competitor Analysis: • Step 1: Identify Potential Competitors • Step 2: Carry out a through Competitor Profiling • Step 3: Understand Competitors’ Strategies • Step 4: Analysis of Strengths and Weaknesses against Competitors • Step 5: Assess Market Attractiveness • Step 6: Analyze Sources of Competitive Advantage • Step 7: Design Competitive Strategies The following are the steps to be conducted for carrying out a Competitor Analysis: • Step 1: Identify Potential Competitors • Step 2: Carry out a through Competitor Profiling • Step 3: Understand Competitors’ Strategies • Step 4: Analysis of Strengths and Weaknesses against Competitors • Step 5: Assess Market Attractiveness • Step 6: Analyze Sources of Competitive Advantage • Step 7: Design Competitive Strategies
- 11. Market-based AnalysisMarket-based Analysis •the competition faced by companies has been classified based on the degree of product substitution in the following categories: • Brand Competition • Industry Competition • Product Competition • Generic Competition • the competition faced by companies has been classified based on the degree of product substitution in the following categories: • Brand Competition • Industry Competition • Product Competition • Generic Competition • the competition faced by companies has been classified based on the degree of product substitution in the following categories: • Brand Competition • Industry Competition • Product Competition • Generic Competition • the competition faced by companies has been classified based on the degree of product substitution in the following categories: • Brand Competition • Industry Competition • Product Competition • Generic Competition • the competition faced by companies has been classified based on the degree of product substitution in the following categories: • Brand Competition • Industry Competition • Product Competition • Generic Competition
- 12. Bases of Competition I.Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic I. Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic I. Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic I. Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic I. Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic I. Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic I. Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought II. Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price III. Resource-oriented Raw materials Employees Financial resources IV. Geographic
- 13. Category Factors • Threatof new entrants • Bargaining power of buyers • Bargaining power of suppliers • Current category rivalry • Pressure from substitutes • Category capacity • Threat of new entrants • Bargaining power of buyers • Bargaining power of suppliers • Current category rivalry • Pressure from substitutes • Category capacity • Threat of new entrants • Bargaining power of buyers • Bargaining power of suppliers • Current category rivalry • Pressure from substitutes • Category capacity • Threat of new entrants • Bargaining power of buyers • Bargaining power of suppliers • Current category rivalry • Pressure from substitutes • Category capacity • Threat of new entrants • Bargaining power of buyers • Bargaining power of suppliers • Current category rivalry • Pressure from substitutes • Category capacity
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- 15. Competitor Information toCollectCompetitor Information to Collect • Ability to produce • Ability to market • Ability to finance • Ability to manage • Ability to produce • Ability to market • Ability to finance • Ability to manage • Ability to produce • Ability to market • Ability to finance • Ability to manage • Ability to produce • Ability to market • Ability to finance • Ability to manage
- 16. Competitor AnalysisCompetitor Analysis •Firms face a wide range of competition • Be careful to avoid “competitor myopia” • Methods of identifying competitors: – Industry point-of-view – Market point-of-view • Competitor maps can help Steps in theSteps in the Process:Process: • Firms face a wide range of competition • Be careful to avoid “competitor myopia” • Methods of identifying competitors: – Industry point-of-view – Market point-of-view • Competitor maps can help Steps in theSteps in the Process:Process: • Firms face a wide range of competition • Be careful to avoid “competitor myopia” • Methods of identifying competitors: – Industry point-of-view – Market point-of-view • Competitor maps can help IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid Steps in theSteps in the Process:Process: • Firms face a wide range of competition • Be careful to avoid “competitor myopia” • Methods of identifying competitors: – Industry point-of-view – Market point-of-view • Competitor maps can help IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid • Firms face a wide range of competition • Be careful to avoid “competitor myopia” • Methods of identifying competitors: – Industry point-of-view – Market point-of-view • Competitor maps can help IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid • Firms face a wide range of competition • Be careful to avoid “competitor myopia” • Methods of identifying competitors: – Industry point-of-view – Market point-of-view • Competitor maps can help IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid
- 17. Competitor AnalysisCompetitor Analysis •Determining competitors’ objectives • Identifying competitors’ strategies – Strategic groups • Assessing competitors’ strengths and weaknesses – Benchmarking • Estimating competitors’ reactions Steps in theSteps in the Process:Process: • Determining competitors’ objectives • Identifying competitors’ strategies – Strategic groups • Assessing competitors’ strengths and weaknesses – Benchmarking • Estimating competitors’ reactions Steps in theSteps in the Process:Process: • Determining competitors’ objectives • Identifying competitors’ strategies – Strategic groups • Assessing competitors’ strengths and weaknesses – Benchmarking • Estimating competitors’ reactions IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid Steps in theSteps in the Process:Process: • Determining competitors’ objectives • Identifying competitors’ strategies – Strategic groups • Assessing competitors’ strengths and weaknesses – Benchmarking • Estimating competitors’ reactions IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid • Determining competitors’ objectives • Identifying competitors’ strategies – Strategic groups • Assessing competitors’ strengths and weaknesses – Benchmarking • Estimating competitors’ reactions IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid • Determining competitors’ objectives • Identifying competitors’ strategies – Strategic groups • Assessing competitors’ strengths and weaknesses – Benchmarking • Estimating competitors’ reactions IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid
- 18. Competitor AnalysisCompetitor Analysis •Strong or weak competitors – Customer value analysis • Close or distant competitors – Most companies compete against close competitors • “Good” or “Bad” competitors – The existence of competitors offers several strategic benefits Steps in theSteps in the Process:Process: • Strong or weak competitors – Customer value analysis • Close or distant competitors – Most companies compete against close competitors • “Good” or “Bad” competitors – The existence of competitors offers several strategic benefits Steps in theSteps in the Process:Process: • Strong or weak competitors – Customer value analysis • Close or distant competitors – Most companies compete against close competitors • “Good” or “Bad” competitors – The existence of competitors offers several strategic benefits IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid Steps in theSteps in the Process:Process: • Strong or weak competitors – Customer value analysis • Close or distant competitors – Most companies compete against close competitors • “Good” or “Bad” competitors – The existence of competitors offers several strategic benefits IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid • Strong or weak competitors – Customer value analysis • Close or distant competitors – Most companies compete against close competitors • “Good” or “Bad” competitors – The existence of competitors offers several strategic benefits IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid IdentifyingIdentifying CompetitorsCompetitors AssessingAssessing CompetitorsCompetitors SelectingSelecting Competitors toCompetitors to Attack or AvoidAttack or Avoid
- 19. CreatingCreating Competitive AdvantageCompetitive Advantage CreatingCreating CompetitiveAdvantageCompetitive Advantage CreatingCreating Competitive AdvantageCompetitive Advantage
- 20. DefinitionDefinition • Competitive Advantage –Anadvantage over competitors gained by offering consumers greater value than competitors offer. • Competitive Advantage –An advantage over competitors gained by offering consumers greater value than competitors offer. • Competitive Advantage –An advantage over competitors gained by offering consumers greater value than competitors offer. • Competitive Advantage –An advantage over competitors gained by offering consumers greater value than competitors offer. 18- 20 • Competitive Advantage –An advantage over competitors gained by offering consumers greater value than competitors offer.
- 22. Competitive StrategiesCompetitive Strategies •Basic Winning Competitive Strategies: Porter – Overall cost leadership • Lowest production and distribution costs – Differentiation • Creating a highly differentiated product line and marketing program – Focus • Effort is focused on serving a few market segments • Basic Winning Competitive Strategies: Porter – Overall cost leadership • Lowest production and distribution costs – Differentiation • Creating a highly differentiated product line and marketing program – Focus • Effort is focused on serving a few market segments • Basic Winning Competitive Strategies: Porter – Overall cost leadership • Lowest production and distribution costs – Differentiation • Creating a highly differentiated product line and marketing program – Focus • Effort is focused on serving a few market segments • Basic Winning Competitive Strategies: Porter – Overall cost leadership • Lowest production and distribution costs – Differentiation • Creating a highly differentiated product line and marketing program – Focus • Effort is focused on serving a few market segments 18- 22 • Basic Winning Competitive Strategies: Porter – Overall cost leadership • Lowest production and distribution costs – Differentiation • Creating a highly differentiated product line and marketing program – Focus • Effort is focused on serving a few market segments
- 23. Competitive StrategiesCompetitive Strategies •Basic Competitive Strategies: Value Disciplines – Operational excellence • Superior value via price and convenience – Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs – Product leadership • Superior value via product innovation • Basic Competitive Strategies: Value Disciplines – Operational excellence • Superior value via price and convenience – Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs – Product leadership • Superior value via product innovation • Basic Competitive Strategies: Value Disciplines – Operational excellence • Superior value via price and convenience – Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs – Product leadership • Superior value via product innovation • Basic Competitive Strategies: Value Disciplines – Operational excellence • Superior value via price and convenience – Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs – Product leadership • Superior value via product innovation 18- 23 • Basic Competitive Strategies: Value Disciplines – Operational excellence • Superior value via price and convenience – Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs – Product leadership • Superior value via product innovation