In the first assessment, you selected a company and product to study and then analyzed aspects of the product and company’s marketing strategy. In this assessment, you will analyze the competition for the product using a variety of information sources.
Suppose that you have now been hired by the company you selected, and have been asked to conduct a competitive analysis of the product you chose. Format this assessment as an executive report, and include a title page and reference page. Follow APA guidelines for citations and references.
Think about the information that you will need to have in order to do a thorough competitive analysis:
- Which companies are considered competitors? Are they direct or indirect competitors?
- What types of information will you need to collect?
- What sources can you turn to that will have the types of information you are looking for?
- Companies that provide market information, such as the Nielsen Corporation.
- Trade publications.
- How will you organize the information you collect to make it useful to the company?
In your Competitive Analysis, include the following:
- Identify the company’s top competitor and describe its product.
- Analyze the competition’s product.
- Compare the two products (your company’s and the competitor’s) in terms of:
- Market share.
- Product appeal.
- Growth potential.
- Unique selling proposition.
- Compare the two products in terms of features, benefits, and cost.
- How do consumers rate each product in these terms?
- Evaluate the marketing strategy of the competitor. What can the strategies used by a competitor tell you about organizational direction?
- Explain how this analysis will guide the marketing decisions of the company.
- Include a title page and reference page.
- Length: 3–5 double-spaced pages, not including title page and reference page.
- Number of resources: At least 4. Resources must be formatted according to current APA guidelines.
- Font: Times New Roman, 12-point.