9.3.1 Key questions about competitors
The following list outlines general questions or issues that organisations can consider for determining the strengths and weaknesses of competitors. It is more directed at senior management - it is to provide a feel for competitor analysis.
- What are the major competitors' strengths?
- What are the major competitors' weaknesses?
- What are the major competitors' objectives and strategies?
- How will the major competitors most likely respond to current economic, social, cultural, demographic, geographic, political, governmental, technological and competitive trends affecting our industry?
- How vulnerable are our strategies to successful counterattack by our major competitors?
- How are our products or services positioned relative to our major competitors?
- To what extent are new firms entering and old firms leaving this industry?
- What key factors have resulted in our present competitive position in this industry?
- How have the sales and profit rankings of major competitors in the industry changed over recent years? Why have these rankings changed that way?
- What is the nature of supplier and distributor relationships in this industry?
- To what extent could substitute products or services be a threat to competitors in this industry?
- How will our competitors react to any new strategies we introduce for service improvement or innovation? How might we then respond?
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