What is competitive strategy?
In today’s world, businesses are constantly competing against each other. To stay ahead of the competition, companies must be able to identify their competitors’ strengths and weaknesses. And this article is called what is competitive strategy?
What Is Competitive Intelligence?
Competitive intelligence (CI) is the process of gathering information on your competitor(s). It helps you understand how your competitors operate so that you can better position yourself in the marketplace.
Analyse their marketing strategies
A company’s competitive strategy is its plan for winning customers. Companies use different strategies to compete with one another, including price, product quality, service, advertising, distribution channels, and more.
Understand their business models
There are three main business models used by companies:
1) Product/Service Model – This model involves selling products or services directly to consumers
2) Wholesale/Retail Model – This model involves buying products wholesale and then reselling them to consumers at a higher price
3) And the Franchise Model – This model involves franchising an existing brand name to a third party
This is called competitive analysis.
A company’s competitive strategy is its plan for how it will compete with its current and potential competitors. And ut includes identifying the strengths and weaknesses of the company’s competitors and determining what actions the company should take to improve its position in the marketplace.
Develop a plan to beat them
Companies use different methods to develop their competitive strategies. One method is to conduct market research. This involves gathering data about the industry, customers, and competitors. Another approach is to analyse past performance. But by looking at historical sales figures, profits, and customer satisfaction, companies can determine whether they meet their goals.
Strengths and weaknesses
Also a company’s strategy should take into account its own strengths and weaknesses. If a company has a strong brand name, it might not need to focus on price. However, if a company lacks a strong brand name, it needs to ensure that it offers good value for money.
What is competitive strategy?
In conclusion, understanding your competitors is one of the most important parts of any business plan. You need to know what they’re doing so you can figure out how to beat them.
