the introduction:-
Studying competitors in the market is the most important step when writing and analyzing the marketing plan for a brand, as we resort to it to know the strengths and weaknesses of competitors, and thus the company is able to take specific, accurate and extremely correct measures that will make it superior to all its competitors.
First: – The difference between studying competitors in the market and studying the market
The process of studying the market is conducted only once and it is done before entering the market through extensive research on your project and the target audience. This is with the aim of revealing the details of this market and identifying the size of demand and supply in it, and helping to reveal other details necessary to make the decision to enter the market and whether your company is can you or not.
Studying competitors in the market is a process that occurs periodically, and the aim of this is to deal with new competitors within the market, analyze the strengths and weaknesses of your current, new and potential competitor, identify everything that is new in the market and exploit this to outperform your competitors, and this study is very important.
Second: What is the importance of studying competitors in the market?
Analyzing and studying competitors is extremely important to determine the strength of your business and product and to search for the best competitive business strategies, and for this we will mention them in the following points:
• Without analyzing competitors, you will act randomly in the market, which will help your competitors easily outperform you because you will be in a weak position.
• Not analyzing and studying competitors will not allow you to be creative and stand out over your competitors.
• Studying competitors aims to determine the things that will help you outperform them
• By studying competitors, you can cover the gap between supply and demand that competitors were not able to cover and design a distinct project to enter the supply and demand market strongly.
Third: Advantages of competition in the market
The emergence of an element of competition in the market makes companies in a constant race to satisfy customers and at the same time improve the quality of the products and services they offer, with the aim of gaining many customers.
• Developing products or services.
• Gaining competitive advantages and understanding the flow of supply and demand.
• An important step to launch new products.
• Providing highly efficient customer service and developing your business in the market.
• Providing technical support to customers.
• Speed in production and arrival at the customer’s site.
Fourth: Steps and strategies for studying the market
Full Screen Company explains to you a set of important steps and strategies to study the market perfectly, and they are as follows:-
- Marketing feasibility study
It is one of the necessary and important studies that greatly helps you to know many of the necessary marketing details through which you can achieve financial profit, but in order for your products through which you achieve profit to appear in the market, these marketing factors have a major role in determining your brand’s position in the market. The market and customer satisfaction with it.
- The importance of studying competitors
Studying competitors is considered a special study, in which many important details related to competitors are learned, and through it one also learns about the movements of competitors, no matter how simple, and learns about many aspects related to them. All of these factors you can know through a study company. Jadwa has the experience and high efficiency to achieve this, as it is possible to identify the following through studying competitors:
• Distant competitor.
• Indirect competitor.
• Direct competitor.
• Competitor analysis model requirements
The competitor analysis model is considered necessary for you at several stages, specifically at the beginning when you are trying to increase the growth of your company or brand, but you must update this model continuously and take into account that the external and internal factors that relate to you and your competitors are constantly changing.
In fact, there is information that will remain unknown to you and you will not be able to access it, but you must make more efforts to know your competitors and how they make future decisions, as in this form you must enter information about your competitors, and this data must include:
• Competitors’ logo.
• Information about competitors.
• The company’s goals for competitors.
• Your competitors’ e-marketing strategy.
• Competitors’ strengths and weaknesses, along with opportunities and threats that are deduced from the SWOT analysis.
Fifth: Porter’s model for analyzing competitors
Full Screen Company explains the important Porter model in studying competitors, which is a practical and simple method and a set of tools to focus on the important points specific to the investment sector and the targets, and through it we evaluate the effectiveness of investing your money in a specific sector, and find effective ways to contact customers and plan for user needs. Porter’s model is considered one of the most important models used in studying the market and analyzing competitors, as Porter’s focus was on five main factors to determine the structure of the industry and the extent of the effectiveness of this industry, which are:
• Alternative products
Here you must focus on the threat of alternative products that can replace the products you want to provide. It is easy for customers and buyers to turn to alternative goods, and this depends on the prices of these alternatives.
- New competitors
Studying the market you want to enter helps you predict the number of companies that are expected to compete with you in the future.
- Competition between companies
The volume of competition between merchants is the main factor that reduces the ability of competing companies. This competition depends on the number and diversity of these competitors, and their competition may be related to prices, innovations, or marketing.
- Bargaining power of customers
It means the ability of customers to bargain and negotiate with companies and put pressure on them, and here it depends on several factors such as the number of current buyers, the ease of dispensing with them, and your company’s ability to integrate and provide alternative products that customers can switch to, and these points are one of the basic points that must be known.
- Bargaining power of suppliers
Suppliers are those people who provide the raw materials that you need to continue the industries in which you operate. These suppliers may suddenly raise prices or refuse to contract with you, and for this reason you must study the extent of your ability to dispense with these suppliers and replace them with new suppliers.
Here we have reached the end of our article about studying competitors in the market and how you can benefit from this in achieving profits and the success of your brand among the large number of competitors.
Conclusion:-
If you liked our article, we hope you share it with friends on social networking sites so that interest and knowledge spread regarding this very important topic by studying competitors in the market and analyzing their websites. Full Screen Company provides a special study for your company regarding market analysis.