competitor

Examples of competitor in the following topics:

• Competitor-Based Pricing

  • Competition-based pricing describes a situation where a firm has a pricing policy that reflects the pricing decisions of competitors.
  • Sometimes this simply takes the form of a firm copying their competitor's pricing and not conducting their own pricing research.
  • Competitor-based pricing is purely reactive.
  • Companies that employ competitor-based pricing can use computer programs such as this to analyze market share.
  • Show the basis of competitor-based pricing as a general pricing strategy

• Methods of evaluating competitors

  • The process starts with the identification of competitors.
  • In many markets competitors will already be known to the entrepreneur.
  • In other markets, the numbers and identities of competitors may be less obvious.
  • After assembling a list of competitors the entrepreneur should develop a method for collecting information on his/her most immediate competitors, i.e. those competitors who will be competing for the same customers.
  • Competitor information may come from a wide range of sources including visits to the competitor's place of operation, word-of-mouth from suppliers and other third parties, competitor's advertisements, newspaper archives, Internet searches, and public records.

• Competitive Dynamics

  • In marketing and strategic management, competitor analysis is an assessment of the strengths and weaknesses of current and potential competitors.
  • Competitor profiling coalesces all of the relevant sources of competitor analysis into one framework to support efficient and effective strategy formulation, implementation, monitoring, and adjustment.
  • Competitor analysis is an essential component of corporate strategy.
  • Competitor analysis requires the specific selection of key success factors within an industry.
  • It also requires the qualitative measurement of accomplishing these for both the firm and its key competitors.

• Importance and goals of competitive intelligence

  • For example competitor A, through the scanning of new building permits in the local newspaper, discovers that competitor B has taken out a permit for the construction of a new building on B's property.
  • From this information, and other legal sources, competitor A may draw some conclusions as to the purpose of competitor B's new building and take actions designed to minimize the impact of B's new building.
  • A firm needs to closely monitor the actions of its competitors.
  • Perhaps a competitor has traditionally held a major sale on a particular holiday, the firm will need to decide whether to follow suit, or give up sales while its competitor holds the sale.
  • Competitors are constantly looking for opportunities and those opportunities missed by your firm, will not be missed by all your competitors.

• Monitoring Competition

  • Companies must monitor competition in order to make intelligent marketing decisions based on how competitors operate.
  • As a fundamental practice, marketing companies must thoroughly understand their competitors' strengths and weaknesses.
  • This means more than making sweeping generalizations about the competitors.
  • Often the identification of competitors is fairly straightforward.
  • There are instances, however, when the identification of a competitor is not clear.

• Competition

  • Competitive analysis starts with identifying current and potential competitors.
  • For example, who are General Motors' competitors?
  • If you named companies like Toyota, Ford, Chrysler, and Honda, you are right, but you have just begun. outlines some of General Motors' competitors, and outlines some of Nintendo's competitors.
  • If competitors are defined too narrowly, there is a risk that an unidentified competitor will take market share away without the company's knowledge.
  • A company's strategy must address all competitors, not just the leaders in a field.

• Predatory Pricing

  • Predatory pricing is the practice of selling a product or service at a very low price, with the intention of driving competitors out of the market, or create barriers to entry for potential new competitors.
  • After chasing competitors out of the market, the incumbent would have fewer competitors (and may in fact be a monopoly), and can then - in theory - raise prices above what the market would otherwise bear.
  • In any case, competitors may be driven out of the market before the case is ever heard.
  • There must be substantial barriers to entry for new competitors for predatory pricing to succeed.
  • But the strategy may fail if competitors are stronger than expected, or are driven out but replaced by others.

• Introduction

  • Chances are competition for your firm's product is already well established.Other firms can be in direct competition with you when they offer a similar product and target the same customers.They can be indirectly competing with you by offering a similar product or service, but targeting a different demographic.Competition can come from overseas.Competition can come from another firm in the same city.Competitors are all around you whether you choose to be aware of it or not.Recognizing and dealing with competition is necessary to your business success.
  • What every firm is competing for are buyers or customers.Customers are the final evaluator of your product.If they prefer your product above those of competitors, you will receive their business and the sales which will keep you in business.Even a great business idea will fail unless it attracts buyers.

• Price Competition

  • Many organizations attempt to establish prices that, on average, are the same as those set by their more important competitors.
  • Many organizations attempt to establish prices that, on average, are the same as those set by their more important competitors.
  • Pricing above competitors can be rewarding to organizations, provided that the objectives of the policy are clearly understood.
  • Historically, one of the worst outcomes that can result from pricing lower than a competitor is a price war.
  • Price wars are often caused by companies misreading or misunderstanding competitors.

• Definition

  • Since the actions taken by one competitor to attract buyers are likely to affect the performance of other competitors, competing firms are said to be interdependent.
  • Competitive intelligence is the systematic collection and analysis of publicly available information about competitors.
  • Intelligence about competitors is key to understanding the actions they are currently taking to attract buyers.
  • The objective of a firm's competitive intelligence is to understand its competitors.
  • Learning about buyers and competitors is the role of competitive intelligence.