Briefly explain how to analyze an organization''s competition
Answer:
In order to analyze an organization’s competition, the following aspects need to be checked and recorded in order to have a comprehensive analysis of the competition.
i. Directory Information under which the company’s whereabouts are known with regard to its location, name as well as its management, particularly the top managers. The CEO of the company needs to be thoroughly researched in order to know what kinds of strategy he or she follows which make the company a strong competitor.
ii. Competing products and Services, their best aspects: Knowing the products and the services provided by a competitive organization is of utmost importance since this is what provides the real competition.
iii. Competitive Strategy: The competition’s strategy on the whole needs to be researched. In short, what makes the company turn heads is what needs thorough study.
iv. Common Market Segments: For each common market segment, the competitive organization’s sales volume, market share percentage, profits as well as annual growth needs to be reviewed again and again.
v. Identifying the core strengths and weaknesses of the competitor/s is of prime importance as this allows the organization to check and channelize its own resources accordingly, which can serve as weak points for the other company.
vi. Other relevant concerns and factors: Identification of any relevant issue or factor of a competing company which might be a cause of hindrance with the success of the company in question can also be important and hence must be kept account of.