- Threat of New Entrants
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitute Products
- Rivalry Among Existing competitors
What is competitive intelligence How important is it in business
Competitive intelligence, sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use information collected on competitors, customers, and other market factors that contribute to a business’s competitive advantage.
Why is it important to keep track of your competitors
According to Forbes, monitoring your competitors is a great way to understand why they’re outperforming you in some areas, and what gets them results.
In some cases, it’s even a way to find out what you’re doing better than your competitors – so you can keep improving.
What are the four 4 stages involved in monitoring competitors?
- Figure out which competitors you’ll analyze
- Choose what you want to monitor
- Choose the tools you’ll use
- Pull the trigger
How do I monitor my competitors?
- Uncover the Keywords They’re Targeting
- Analyze Their Rankings Against Keywords
- Research Their Most Shared Content
- Stay Alert for New Content
- Track New Links
- Monitor Their Social Activity
- Read Their Blogs and Newsletters
How do I become an Outsmart competitor?
- Know thyself
- Know your audience
- Don’t be everything to everyone
- Stay focused
- Put your people to work
- Create evangelists, not just customers
- Get involved
- Choose wisely
What makes a company different from its competitors
Our research indicates there are six primary ways to differentiate, including product, service, channels of distribution, relationships, reputation/image, and price.
How do you tell if someone is secretly competing with you
They downplay your accomplishments In addition to being absent from celebratory occasions, a secret competitor will always try to downplay your accomplishments on the low.
Sometimes it’s the fact that she could never. Other times, she’s afraid you might surpass her.
Which of the following tool we use for competitor analysis
SimilarWeb This competitive analysis tool will help you benchmark against your competition, monitor your industry, and reveal your competitors’ analytics and online strategy.
How do you tell if someone is secretly competing with you?
- They’re boastful
- They modulate your success
- They gossip
- They always want to know how you’re doing
- They celebrate your failures
- They imitate you
- They heap false praise
- They engage in sabotage
What are the 4 business strategies
Four generic business-level strategies emerge from these decisions: (1) broad cost leadership , (2) broad differentiation , (3) focused cost leadership , and (4) focused differentiation In rare cases, firms are able to offer both low prices and unique features that customers find desirable.
What is socializing behavior
Socialization generally refers to the process of social influence through which a person acquires the culture or subculture of their group, and in the course of acquiring these cultural elements the individual’s self and personality are shaped.
What are 4 ways to attract customers?
- Ask for referrals
- Network
- Offer discounts and incentives for new customers only
- Re-contact old customers
- Improve your website
- Partner with complementary businesses
- Promote your expertise
Sources
https://www.indeed.com/career-advice/career-development/competitive-strategy
https://www.businessnewsdaily.com/15737-business-competitor-analysis.html
https://www.studocu.com/ph/document/wesleyan-university-philippines/management/competitive-rivalry-and-competitive-dynamics/22503712
https://www.igi-global.com/dictionary/information-strategy/38690
https://sharpspring.com/marketing/factors-to-consider-when-conducting-competitive-analysis/
