What is meant by competitive analysis
CompetitorSelect and collect data for competitive analysis
A company plans to open up a new target market. To this end, a new product or service is to be developed. The analysis of the competitive situation is an important strategic area, which should provide information on the attractiveness of the market, the profitability of competitors and important success factors when entering the market.
When entering the market, there is usually little information available on the market participants. What is needed is more basic information about the competitor company. Relevant competitive information is therefore, for example:
Current sales and sales development in recent years
How are the competitors developing? How is the market developing?
Profitability development (annual profit or EBIT)
What margins do the top competitors achieve? How attractive is the new market?
Competitor target groups
Which sub-groups of the market is the respective competitor focusing on? What indications of attractive or large target groups in the market does it provide?
What direct or indirect sales channels does the competition use to supply the market?
With which pricing and condition models does the competition enter the market?
Innovations and newly introduced products or services
Which trending topics and new areas have the competitors taken up in recent years?
Certifications and standards
Which certificates and approvals do you need to enter the market?
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