Tag: competitive assessment

Transport and logistics

Building Better Competitive Pricing Infrastructure

Effective pricing strategies ensure that businesses are maintaining a good profit margin while keeping up with the market competition. When it comes to building the right marketing strategies, pricing is one of the most important components as the price of the product is one of the first things that a customer notices about a product and plays a vital role in the purchase decision of customers. There are several pricing strategies available for businesses today. Some of the common pricing strategies include –

Cost-plus strategy: A prefixed profit margin is added over the total cost of the product

Demand pricing: The price is set by establishing the optimal relationship between volume and price

Markup pricing: A percentage is added (as profit) over the wholesale price of the product

Competitor pricing: Prices are fixed based on competitor prices

Competitive pricing strategy has caught the fancy of most players across industries. This article provides comprehensive insights into what a competitive pricing strategy and its role in competitive pricing analysis.

Request a free brochure

Outsell competitors and boost your revenues with robust competitor intelligence solutions. Request a free brochure to know about Infiniti’s portfolio of business intelligence services.

What is competitive pricing strategy?

Competitive pricing refers to a pricing strategy in which prices of a product are fixed in accordance with that of the competitor prices for similar products. In this type of pricing strategy, the purchasing behavior is an important criteria considered to fix prices. Some of the other factors taken into consideration include price sensitivity, costs, and competition. In competitive pricing, the business has three options to price their products in relation to the competitors- price the product higher, lower, or at par with that of the counterparts in the market. However, this is one of the most strategic decisions to be undertaken by key decision makers of the company as any fault in the pricing strategy could lead the company to lose out customers to the competitors.

Request a free proposal

Creating a competitive pricing strategy from scratch is no easy feat. Our competitive intelligence solutions for business help companies are tailor-made to suit individual business requirements. Request a proposal to know more!

competitive pricingCompetitive pricing strategy in pricing analysis

Competitive pricing is all about choosing strategic price points to leverage the best advantage out of a product/service when compared to their counterparts in the market. In the modern marketplace, a successful pricing strategy requires large amounts of historical and competitive data which takes into consideration myriads of market information. Experts at Infiniti Research have observed that a good majority of buyers compare offers by several stores/brands to ensure that they get the best bargain. Retailers that can collect and analyze market data, map their position against that of the competitors, and offer optimal prices. This would not only grab more customer attention but also gives brands a first mover advantage. Furthermore, competitive pricing strategies attract more customers by using competitor product and pricing data to increase sales and thereby boost revenues.

REQUEST MORE INFO to know how competitive intelligence solutions can help your business.

IR36

How Does Competitor Analysis Framework Help Businesses?

Markets change – Businesses must keep a close watch on these changes and adapt accordingly.

Competitor analysis definition

Competition is an inevitable part of a business. As the number of entrants into the market are gradually skyrocketing, an effective competitor analysis framework has become a necessity for modern-day businesses. Competitor analysis is a critical part of the marketing plan using which companies can establish what makes their products or services unique when compared to the peers in the market. This can be achieved by placing competitors in strategic groups depending on how directly they compete for the market share.

How is competitor analysis done?

 Competitor analysis or competitor research is ideally carried out by listing out the products or service of each competitor or strategic group, their profitability, marketing objectives, growth pattern, organizational cost structure, and their current and past strategies. Some of the key questions to be answered by businesses here are:

  • Who are your key competitors?
  • What are the products and services that they deal in?
  • What is their market share?
  • What are the potential threats that they pose?

(more…)

ir10

5 Steps to Create the Perfect Competitor Analysis Model for Startups

Understanding your competition and what they are doing is very essential from a marketing perspective for any successful business. Conducting a competitor analysis often offers an opportunity to glance at your competition with a detailed eye on their marketing efforts and provides useful insights that can be used to make the marketing strategy of your startup achievable. Essentially, a competitor analysis framework does two very important things – it identifies the strengths of your competitors by determining their best performing areas and their focus point and helps determines their weakness. It is very important to know what your competition is doing, how they are reaching their customers, where they are marketing, and what they are providing, especially if you are a startup. This knowledge facilitates you to see where your competitors are falling short in their approach to marketing and there you can highligContact USht the benefits of your own services or products. Here we have formulated a few easy steps to help you to create the perfect competitor analysis model from three different perspectives, marketing, pricing, and product.

(more…)

cosmetic packaging

4 Compelling Reasons Why Competitive Analysis is Important

What is competitive analysis?

Competitive analysis, also termed as competitive research, refers to a strategic research process that specializes in the collection and analysis of information about a company’s competitors in the market. Competitive analysis framework is an essential tactic to identify what the competitors are up to and the potential threats that they can pose to the company’s well-being.

Top players in the market have already realized the potential of competitive analysis in marketing and selling their products. Today, using new software and technology, marketers, and business owners have the ability to know more about their competition than ever before. Regularly keeping track of the rivals in the market helps organizations stay ahead of the curve. Here are four reasons why competitive analysis in marketing is highly essential:Request Proposal

Encourages differentiation

Competitive analysis framework helps companies identify where there stand in the market and what the competitors are doing. This would prompt companies to take the extra step to offer something more. Competitive analysis in marketing and sales helps identify the areas of improvements with that of the competitors’ brands. Changes can be made accordingly and communicated to the customers by highlighting the key benefits of choosing your products or services when compared to others in the market.

healthcare market research

Probiotic Drinks Manufacturer Tackles Competitors Strategies with The Help of Competitive Intelligence Solution

Infiniti PR Infographic Case Studies 2LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest competitive intelligence solution for a probiotic drinks manufacturer. The global beverage industry incorporates varying types of drinks, including soft drinks, functional beverages, bottled water, milk and dairy, sports drinks, alcoholic beverages, energy drinks, and juices. The general population’s concerns regarding obesity and health awareness are expected to cause functional beverage and bottled water product segment to grow. Consequently, the demand for carbonated drinks is expected to plummet.

 “Competitive intelligence solutions help clients to gain a 360-degree market, customer, and competitor view of the time of the analysis, and the technology to make further assessments. The client could use the insights to take advantage of cross-selling opportunities, generate new sales value, and develop churn prevention strategies,” says an expert at Infiniti Research.

Request your FREE brochure today!

The digital revolution is changing the lives of individuals so drastically including the world of food and beverage. Smartphones have enabled customers to connect and do business ‘on-the-go,’ and now individuals demand beverage products that match their changing lifestyles.

Additional benefits of the competitive intelligence solution

  • Gain a 360-degree market overview including competitor and technology
  • Help generate new sales opportunity, cross-sell opportunity, and prevent churn
  • To know more,  request a free proposal

 

To know more about how our competitive intelligence solutions helped the probiotic drinks manufacturer

Ask An Analyst_IR


Related posts

IR27

Performing Competitor Analysis – As Easy as 1,2,3!

No brand today exists in isolation. They have to compete against hundreds of companies selling similar products or services. In a world where consumers have an endless amount of choices, how will your brand stand atop all available alternatives? It has to be unique and different from what’s already available in the market. But how can anyone design a product or service so unique when they don’t know what others are doing? Which is why competitor analysis is one of the most important business exercises before starting a business or launching a product. In an immensely competitive market, such as FMCG, automobile, and consumer electronics, each brand introduces a new product to the market every now and then. Brands have to be on their toes to respond to such actions. So, for brands Request Free Proposallooking to gain an edge over the competition, how to do a competitive analysis?

5 Steps for Competitor Analysis

#1 – Define your market and customers

In order to develop a robust competitor analysis framework, it is essential to understand what market is the company serving. The question should not only answer markets in terms of geography, but include other factors such as the customer segment, the needs and wants the product is fulfilling, and price point. Numerous models are available to assess and define market and customers, but it should answer these fundamental questions:

  • What needs or want is the product satisfying?
  • Who will likely use the product?
  • What does an average customer look like?
  • How much will they spend on it?
  • Which organizations are currently satisfying current needs and wants?

5 Steps for Competitor Analysis#2 – Identify current and future competitors

Based on the questions answered before, companies should compile a list of competitors who are competing on the same functional area. Additionally, it is also important to figure out who will be competing in the same area next year, or say five years down the line. For instance, if you are selling a deodorant, then you should list out all the players selling deodorants in the market, including branded and unbranded ones. It is equally important to list out indirect competitors as well, for instance, people who do not use deodorant may instead opt for perfumes, or even make do with fragrance soaps. Since using perfumes will eat up the market for deodorant, such factors should be considered when performing a competitor analysis.

#3 – Analyze competition and find out market share

Merely listing out competitors is not enough to conduct a thorough competitor analysis. One must understand what their competitors are doing and how big they are. A straightforward way to find out such information is to conduct market research. However, not all companies may have such vast resources, so instead, they can use available news articles, industry journals, company’s website, marketing collateral, analyst reports, and company reports. Additionally, looking at reviews on various rating site on the competitor can give a rough idea of how well the competitors are doing. It is also a must to find out their presence in local and regional markets. How big a pie of the market they hold and their share of wallet in each territory.

#4 – Perform SWOT analysis

Moving on to the next step, brands should pinpoint the strengths and weaknesses of the competitors. It gives them a fair idea of where they cannot compete, and what competitor weakness they can overcome to win market share. It is best to organize all information in a tabular form listing the following:

  • Company name
  • Description
  • Product and price
  • Target market
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
  • Market share
  • Sales volume
  • Market strategy

#5 – Analyze data and plan strategies

Once you get your hands on all these data and information, it is essential to understand what story the data is telling. For instance, most competitors in the broadband market may have a similar weakness, that of installation fee. It is possible to ply on their shortcomings and plan strategies which gets rid of such installation fee and just imposes regular monthly payments. This way, the company can easily gain an edge over the competition and start acquiring new customers. Analyzing competitor data gives a fair idea of where your organization currently stands and on what grounds they can compete against new or established players.

For more information on how to do a competitive analysis, market intelligence, and competitive intelligence:

Ask an analyst


Related posts

cosmetics industry

Impress Your Investor with a Thorough Market Analysis

Great ideas strike the mind of entrepreneurs all the time. Such ideas are only valuable if they can yield a positive result and succeed in the market. There are many instances when an idea sounds good but lacks market potential due to various reasons such as affordability of customer, the significance of customer base, or feasibility of the product. To assess the potential of an idea, a thorough market analysis should be carried out. An excellent market IR_Brochureanalysis will help the entrepreneurs to lure investors, sidestep pitfalls, and attract customers. Here are few pointers to help entrepreneurs create a detailed market analysis for a business plan:

Assess Total Market Size

The first step in performing a market analysis is to estimate the total size of the market. The key is to estimate the total market size based on the servable market, which can be limited by geography, customer segments, or product type. An entrepreneur needs to figure out the market value in terms of both volume and value, which can then be accessed through publicly available data, consultancy firms, or research reports. Such evaluation gives the investor a fair idea of the potential of the business to succeed.

Identifying Target Market

The next step is to determine the type of customer that would be seeking out the product or service offerings. For instance, if the product is a type of online self-learning program, the target market could either be students looking for a course or working professionals seeking to enhance their skill set. It helps the business to figure out different drivers of demand and understand how to create a product wanted by the customers.

Competitive Landscape

Entrepreneurs must realize that their idea is not something new in the market. There will always be a direct competitor to the product or a remote substitute. For instance, carpooling can be a substitute for cab services or any other form of transport. A thorough study of the competitive landscape is essential to estimate the level of competition in the market, size of the competitors, and their capabilities. An extensive study of the competitive landscape also helps in identifying areas where competitors lack to serve.

Identifying Barriers to Entry

The final step of a market analysis study deals with the evaluation of the idea’s feasibility. The key question to ask here is what prevents someone from copying the same idea and taking over the market. The business should be able to exhibit a competitive advantage that is not imitable. Numerous barriers to market entry can exist in the form of technological, financial, regulatory, market access, and marketing barriers.

To know more about market analysis in making a business plan:

 

Ask an analystRelated Articles:

telecom industry

Competitive Intelligence Engagement Helps an Automotive Manufacturer Benchmark their Product Portfolio

In today’s fast-paced environment, organizations grow at an enormous rate within the blink of an eye. To analyze the foothold of the company in the market, it becomes indispensable to know the competitors that are showing a remarkable presence in the market. To better understand the leading competitors and their offerings, organizations are relying on competitive intelligence studies. Competitive intelligence helps organizations to analyze the competitive landscape in terms of their product positioning and marketing strategy. It assists businesses in anticipating the potential challenges and face any obstacles hindering their goal. Moreover, competitive intelligence helps businesses gauge the marketplace and identify areas to compete against their counterparts.

Infiniti’s competitive intelligence engagement assists the client to analyze information in predicting competitive activity and future business operations. The engagement also helps the client devise effective marketing strategies and present valuable insights into the market landscape. With the help of such studies, the client can better prepare for the launch of new products, enter a new market, and make sound business decisions.

The Business ChallengeIR_Brochure

A global automotive manufacturer was facing challenges identifying the potential competitors and increasing their shares in the market. The primary objective of the client was to profile the key competitors and their product portfolio across the target regions. The client also wanted to understand the robust challenges that impede their overall growth in the market.

Our Research Methodology

To gain better insights into the competitive landscape, Infiniti’s industry experts conducted a blended approach comprising of telephone-based interviews and discussions, competitor analysis, and SWOT analysis. As a part of the secondary research, our experts also collated information from a wide array of proprietary sources such as company publications, industry forums, and magazines.

Automotive manufacturer

Want to learn more about Infiniti’s competitive intelligence solutions?

Ask an analyst

Our Solution Helped the Client

  • Identify the key countries and verticals posing high level of competition
  • Assess the future acquisition targets
  • Devise robust strategies to increase their market expansion and make informed decisions
  • Identify the key personnel influencing competitor strategy
  • Analyze the level of investment estimated for the current expansion

Benefits of Our Integrated Approach

In a very short period, Infiniti’s competitive intelligence assessment helped the client gain a comprehensive overview of the market, products and stakeholders. In addition, the client also gained actionable insights into product attribute analysis, product forecast, and pricing for key competitors in the automotive manufacturing market.

A must-read competitive intelligence case study for strategy experts and decision makers looking to assess the market landscape for the automotive industry.

IR_RFP

Related Articles:

cosmetics industry

Market Analysis Engagement Helps a Global Mining Company Improve Market Shares

The recent years have witnessed a downfall in mining activities, owing to weak commodity prices, declining grades, and a fall in the demand from China. The presence of such challenges in the mining industry is increasing the need for devising an effective market analysis strategy. Market analysis engagement involves the study of the market in terms of its strength, weaknesses, opportunities, and threats.IR_Brochure In the case of the mining sector, market analysis engagement helps the client formulate an effective market expansion strategy by taking into account the drawbacks. The robust process included in the market strategy comprise of creating a good labor force, ample investments, and good advertising. In addition, external factors such as economic factors, political instabilities, and even social changes can assist the marketers to identify the potential market challenges and take informed decisions for effective market expansion.

To help businesses gain more insights on the mining landscape, Infiniti’s market analysis solutions shed light on the effective market strategies that help in boosting the supplier’s growth. Our solutions also focus on identifying the potential drivers and trends in the market and gain actionable insights to sustain the growth of the market over the years.

The Business Challenge

A multinational mining company was facing challenges in meeting their operational targets. The client wanted to improve the efficiency of their operations and meet their respective targets within the stipulated deadline. The client was also facing challenges in terms of regulatory mandates, tax burdens, and stakeholder expectations in the market. The client approached Infiniti to assist them in delivering and sustaining targeted operational improvements and meet their targets.

Our Research Methodology

To gain strategic insights into the mining landscape, Infiniti’s market analysis experts followed a blended research approach comprising of interviews and discussion with leading market stakeholders. The experts also carried out ongoing training and coaching for stakeholders on the end-to-end project lifecycle. As a part of the secondary research, the experts also collated information across proprietary secondary sources such as news aggregators, industry forums, and company presentations.

Global mining company

Want to learn more about Infiniti’s research methodology?

IR_Analyst21

Our Market Analysis Solution Helped the Client

  • Develop a pipeline management tool to enable the client to prioritize potential future projects
  • Assess the project performance on a monthly basis
  • Gained a clear visibility on the market landscape
  • Facilitated day-to-day business improvement activities to help sustain project objectives

Benefits of Our Integrated Approach

In just 12 weeks, the client was better equipped to make informed decisions on project selection. The engagement also helped the client control additional costs, heighten efficiency, and improve safety performance. The engagement further assisted the client in strengthening portfolio management, link value to price, and integrate production and trading operations.

A must-read market analysis case study for strategy experts and decision makers looking to assess the market landscape for the mining industry.

IR_RFP

Related Articles: