How well do you know your competitors? A systematic examination of your competitors will help you anticipate their strategic moves and likely responses to your strategic moves.
The figure below provides a framework by which a detailed competitor analysis can be achieved.
- How well do you know your competitors? Who are they?
- Analysing goals indicates the likely moves to be made by your competitors. For SBU’s within a larger organisation, it is important, to gain insights at the corporate level.
- What assumptions can you make about your competitors? Can you identify any blindspots?
- An examination of the strategies being pursued by your competitors will reveal the likelihood of strategic drift (or not as the case may be) and their likely future responses.
- What capabilities do your competitors have ie. what are they worst at? What are they good at?
- What Opportunities and Threats arise?