Occasionally, a competitor begins to create significant problems for your company and the market. Typically, these pesky competitors become involved in predatory pricing, copying your product line, or using aggressive marketing techniques or guerrilla warfare strategies. Whatever the problem, Market Engineering can help you successfully address it.
10 Ways Market Engineering Can Help Neutralize Competitive Problems
- Competitive measurements drive successful competitive strategy.
- Competitive analysis provides a wealth of information on the competition's weaknesses to exploit.
- Competitive analysis provides a wealth of competitive strengths as benchmarks for improvement and duplication goals.
- Customer analysis identifies why customers buy from the competitor.
- In-depth market understanding allows a company to meet customers' needs better than competition does.
- Market Engineering improves profits, increasing competitive strength.
- Market Engineering identifies unexploited opportunities in the market, where being first maximizes one's position.
- Market Engineering creates a market navigation system to achieve goals before the competitor does.
- A Market Engineering monitoring system identifies market problems before they happen.
- Market Engineering speeds communication and decision-making, which is needed to beat competition.
Checklist for Solving Competitor Problems
- Perform in-depth competitor analysis
- Develop competitor monitor program
- Buy, read, and implement Competitive Engineering
- Train entire company on competitor profile and problem
- Develop company-wide competitive intelligence system
- Integrate entire staff into competitive strategy
- Determine key competitive measurements to be analyzed
- Determine key competitive measurement instruments
- Develop competitive strategy brainstorming sessions
- Monitor company's progress against competitive strategy goals
- Perform interviews with competitor's customers
The following questions will help our consultants target their strategic consulting advice to your specific situation. Once we receive this information, our consultants and market analysts will analyze your situation based on the Frost & Sullivan world database of market information, applying years of practical industry experience and current market conditions. There is no obligation and no cost for this service. Please take time to answer the questions in as great detail as possible. Your responses will be kept strictly confidential and will only be used to create carefully targeted strategic advice.
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Challenge Questions: Competitor Problem
- Who is the competitor?
- What is the product line or service?
- In what areas are they creating the problem?
- What percentage of the customers are aware of this competitive strategy or action?
- What is the economic impact on your company on an annual basis?
- Have you performed an in-depth competitive benchmarking and analysis on this competitor?
- What weaknesses does this company have?
- In the customers' eyes, what are your company's strengths vis-a-vis this competitor?
- What is the price/performance ratio comparison between the competitor's products and yours?
- Who is involved in creating a competitive strategy for this competitor in your organization?
- Are there any other competitors in the market that have addressed the problem caused by this competitor?
- What options is your company investigating to counterattack or respond?
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