It is necessary to understand how competing companies are developing, as well as to find out the real needs of consumers, since the situation in other companies can affect pricing and marketing policy. The following can help in such research:
Marketing market analysis: allows you to determine whether the industry is growing or whether the amount of money in it is decreasing. Research will also help you identify the main needs of customers.
Data on other market participants: it is necessary to understand in which direction competitors are moving, what segments they are capturing and what products they are announcing.
Let's say a direct competitor of a coffee company is focused on opening points in business centers. In this situation, you can try to compete for these positions or focus your efforts on developing the "Coffee to go" direction.
SWOT analysis
Once you have identified the guatemala phone data external factors that could impact your business and the potential actions of your competitors, you need to assess your company's strengths and weaknesses in the context of the information gathered in the first two steps.
SWOT analysis
Source: shutterstock.com
A SWOT analysis will help solve this problem: a strategic planning technique that allows you to structure all information about a business and determine long-term goals.
It is necessary to create a tabular form with four columns:
Strengths - a company's advantages over its competitors;
Weaknesses - shortcomings of an enterprise;
Opportunities - favorable external factors for growth;
Threats are external risks that may negatively impact a business.
Then you need to systematize all the data.
Case: VT-metall
Find out how we reduced the cost of