Analyzing New Markets with the Help of Competitor Analysis – A Case Study on the Indian Mobile Phones Market
Competitor Analysis Framework: Why is it crucial to success?
Successful organizations are those who steer past the turbulent market conditions and do it better than their peers. Competitive markets are difficult to penetrate; thereby, making it necessary for players to adopt precise strategies to gauge the market landscape before setting foot. A detailed understanding of the competitive landscape is crucial as it helps identify competitors and succeed in the market. A competitor analysis framework is what helps to gauge the competitive environment while helping you answer important questions pertaining to- market concentration, positioning along the value chain, and the competitor background.
Competitor Analysis Models
Every sector has its own version of competitor analysis models whose function is ultimately the same i.e., to line your offerings with others in the industry to identify where your offerings are superior or fall short. Each industry brings a unique spin to the development of competitor analysis models, which enables them to design their own set of criteria to compare and gauge competitiveness.
Here are a few factors on which competitor analysis models generally depend upon:
- Product and service categories
- Long and short-term goals
- The purpose
In the business world, competitor analysis models help firms to gauge historic and current market data to redefine their corporate objectives and devise effective strategies to take advantage of the dynamic and emerging competitive landscape.
The client is a leading player in the mobile phones market in India. The client recently set their mark in the Indian smartphone market through the introduction of their new flagship smartphone range which helped them drive sales globally, making them one of the best-selling Indian smartphone brand.
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