2013
April
25th
|
Business
and Competition
4Ps- 6 Es
4P's
things you can control
o Product
o Price
o Promotion
o Place / Location
|
The
6 environments effecting businesses
- things you cannot control
o economic environment
o technological environment
o political/legal
- regulatory environment
o social-cultural
environment
o competitive environment
o geographic environment |
Competition
Why is it important
to know who your competitors are?
You might think it is obvious
- "People who sell the same stuff as us"
- but in reality, the question
is quite complicated
-
If you do NOT know who your
competitors are, then you will not be able to comprehensively gather the
required Competitor Intelligence in order to develop appropriate Plans,
Strategies and Tactics to allow you to meet your firm's marketing Objectives.
-
Secondly, if you do not know
who your competitors are, you cannot do a complete SWOT analysis which
requires you to identify "Threats".
Types of Competition
witiger.com/marketing/typesofcompetition.htm
Basic principles of Competition
witiger.com/ecommerce/competition.htm
Business competitors
are:
-
Other organizations offering
the same product or service now
-
Other organizations offering
similar products or services now
-
Other organizations offering
a variation on a product or service, that you
cannot
-
which could be because 3rd party
vendors make accessory items, or "apps" for you, or your competition
-
which could be because you did
not update your software to follow trends
-
Organizations that could
offer the same or similar products or services in the
future
-
Organizations that could remove
the need for a product or service we sell
-
You - things you do which compete
against yourself
Competitors problems become
opportunities for you
Competitor Intelligence
witiger.com/ecommerce/competitorintelligence.htm
The difference between information
and intelligence
First - keep in mind not
all information is useful. Sometimes the collection of massive amounts
of data has no consequence unless that collection can be done in a way
which allows the data to be synthesized, indexed and retrieved - then it
becomes information
Secondly - the prime difference
between information and intelligence is that
intelligence is essentially
information that allows you to make a strategic decision
Types
of Competitor Intelligence
Techint
Humint
Osint |
