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. An 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’s background.
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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 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:
- 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 – Request a free proposal to know more.
Client’s Background:
The client is a leading player in the mobile phones market in India.
Continue reading to gain in-depth insights into this competitor analysis engagement.
Predicaments Faced:
As a part of their business strategy, the Indian smartphone market client wanted to devise a robust competitor analysis framework to analyze a new market. The growing number of smartphone brands has increased drastically over the past few years. This had led to a rise in competitiveness. As a result, the client wanted to develop a competitor analysis framework to identify new markets that they could venture into and capitalize on.
Our approach:
This competitor analysis engagement followed a bespoke approach to develop a competitor analysis framework to analyze competitor data. The experts at Infiniti Research conducted in-depth competitor research on the global mobile phones market using data gathered from over 500 primary and secondary channels. With the help of this data, our experts further assessed the growth potential of new markets and gauged the competitive landscape within the global mobile phones market.
Business Impact:
The solutions and recommendations offered granular insights into the mobile phones market in terms of technological developments, the market scope, and the overall competitive landscape. Also, the development of a precise competitor analysis framework provided the required data to develop precise business strategies to gain a winning edge over their peers.
This in-depth analysis helped uncovered insights on:
- Managing disruptive changes
- Monitoring competitors
- Developing winning proposals for entering new markets
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