Purpose of 1. Competitor Research

Competitor research refers to the systematic collection, analysis and evaluation of existing or potential competitors in the industry and market in which an enterprise is located, in order to obtain information about competitors' strategies, capabilities, behaviors, strengths and weaknesses, trends and expectations, so as to provide reference and support for the formulation of the enterprise's strategy.

The main objectives of competitor research are as follows:

Identify competitors: through the analysis of the industry and market, determine the direct and indirect competitors of the enterprise, as well as their size, position, market share, product and service range, target customers and other basic information.

Evaluate competitors' strategies: Understand competitors' strategic intentions, strategic logic, and strategic priorities through the analysis of competitors' missions, visions, goals, values, core competencies, strategic directions, and strategic choices.

Analysis of competitors' capabilities: Evaluate the strength and potential of competitors by analyzing their resources, capabilities, organizational structure, management systems, human capital, technical level, innovation capabilities, financial status, marketing capabilities, and operational efficiency.

Predict the behavior of competitors: through the analysis of the historical behavior, current behavior and future plans of competitors, infer the behavior patterns, behavior motivations and behavior factors of competitors, as well as the possible actions and reactions of competitors.

Compare the strengths and weaknesses of competitors: through a comprehensive evaluation of the strategy, capabilities and behavior of competitors, determine the strengths and weaknesses of competitors, as well as the relative advantages and disadvantages of the enterprise, so as to find out the competitive advantages and disadvantages of the enterprise.

Discover the opportunities and threats of competitors: through the analysis of the dynamic changes and trends of competitors, identify the opportunities and threats that competitors may bring, as well as the opportunities and threats that competitors may take advantage of, so as to provide a basis for the strategic adjustment and response of enterprises.

Methods of 2. competitor research

There are several main methods of competitor research:

Desktop research: Collect information about competitors using publicly available sources, such as their official websites, annual reports, press releases, social media, patents, industry reports, market research, media reports, etc.

On-site investigation: observe and understand competitors' products, services, equipment, processes, personnel, atmosphere, etc. by personally or entrusting a third party to competitors' factories, stores, exhibitions, activities, etc.

Customer interviews: Through interviews, questionnaires, surveys, and tests with existing or potential customers of competitors, we can obtain information about competitors' customer satisfaction, loyalty, preferences, needs, and feedback.

Supplier interviews: Obtain information about competitors' supply chain status, procurement strategies, cost structures, quality control, and partnerships through interviews, questionnaires, and surveys of existing or potential suppliers of competitors.

Interviews with industry experts: through interviews, questionnaires and surveys with experts, scholars, consultants, analysts, associations and government agencies in the industry, we can obtain information on competitors' industry status, industry trends, industry norms and industry influence.

Competitor interviews: Through interviews, questionnaires, and surveys of competitors' senior managers, middle managers, front-line employees, and former employees, etc., obtain information about competitors' internal conditions, strategic intentions, management styles, cultural values, and talent flows.

Steps to 3. competitor research

The general steps for competitor research are as follows:

Determine the research objectives: clarify the theme, scope, content, time, budget, etc. of the research, and formulate research plans and programs.

Select research methods: According to the research objectives and available sources of information, select the appropriate research methods, such as desktop research, field visits, interviews, etc., to determine the research objects, tools, processes, etc.

Collect research information: according to the research method, collect information about competitors from various channels and angles, such as strategy, ability, behavior, advantages and disadvantages, trends, expectations, etc.

Analysis of research information: the collected information to organize, classify, filter, verify, summarize, comb, etc., the use of various analytical tools and models, such as SWOT analysis, Porter five forces analysis, value chain analysis, VRIO analysis, etc., the competitor's information for in-depth analysis and evaluation.

Output research results: according to the results of the analysis, the formation of competitor research reports, presentations, recommendations, etc., reflecting the competitor's strategic analysis and decision-making to provide reference and support.

Application of 4. Competitor Research

The results of competitor research can help companies make strategic analysis and decision-making, such:

Identify your competitive strengths and weaknesses: by comparing with your competitors, identify your strengths and weaknesses in strategy, capabilities, and behavior, as well as areas that need improvement and improvement.

Formulate effective competitive strategies: according to the strategic intentions, behavior patterns and dynamic changes of competitors, choose appropriate competitive strategies, such as attack, defense, alliance, cooperation, circumvention, etc., in order to increase their competitiveness and market share.

Seize favorable competitive opportunities: by identifying competitors' weaknesses, mistakes, crises, etc., to find and take advantage of favorable competitive opportunities, such as entering new markets, developing new products, expanding new customers, etc., in order to increase their revenues and profits.

Dealing with potential competitive threats: by predicting the actions and reactions of competitors, formulate and implement effective countermeasures, such as strengthening their own advantages, enhancing their own capabilities, consolidating their own customers, etc., in order to reduce their own risks and losses.

5. Competitor Research Cases

Shangpu Consulting Company is a professional strategic consulting company, providing customers with comprehensive competitor research services, helping customers understand the competitive environment, formulate effective competitive strategies, and enhance competitive advantage. The following are some examples of competitor research services provided by Champ Consulting to clients:

Case 1: An internationally renowned automaker is facing challenges from competitors in emerging markets and wants to understand the strategy, capabilities and behavior of competitors, as well as future development trends, so as to formulate corresponding coping strategies. Shangpu Consulting Company conducted in-depth competitor research for the client, including desktop research, field visits, customer interviews, industry expert interviews, etc., collected and analyzed competitors' information, such as market share, product line, technical level, innovation ability, cost structure, marketing strategy, brand image, customer satisfaction, etc., and evaluated competitors' strengths and weaknesses and dynamic changes, it predicts the future actions and reactions of competitors, and puts forward targeted competitive strategy suggestions, such as strengthening differentiation, improving quality, expanding channels, increasing investment, etc., to help customers improve their competitiveness and market position.

Case 2: A leading domestic e-commerce platform is facing pressure from peers and inter-bank competitors, hoping to understand the strategies, capabilities and behaviors of competitors, as well as market opportunities and threats, so as to formulate corresponding competitive strategies. Shangpu Consulting Company conducted in-depth competitor research for the client, including desktop research, field visits, customer interviews, supplier interviews, industry expert interviews, etc., collected and analyzed competitors' information, such as platform scale, number of users, product types, service quality, logistics efficiency, payment security, marketing activities, user reputation, etc., and evaluated competitors' strengths and weaknesses and dynamic changes, the opportunities and threats of the market are found, and targeted competitive strategy suggestions are put forward, such as optimizing user experience, increasing product diversity, improving service level, strengthening user stickiness, etc., to help customers improve their competitiveness and market share.

Case 3: A well-known domestic education and training institution is facing the impact of competitors from online education. It hopes to understand the strategies, capabilities and behaviors of competitors, as well as industry trends and norms, so as to formulate corresponding competitive strategies. Shangpu Consulting Company conducted in-depth competitor research for the client, including desktop research, field visits, customer interviews, competitor interviews, industry expert interviews, etc., collected and analyzed competitors' information, such as course content, teaching mode, teachers, learning effect, price strategy, user evaluation, partners, etc., and evaluated competitors' strengths and weaknesses and dynamic changes, understand the trends and norms of the industry, and put forward targeted competitive strategy suggestions, such as integrating online and offline, improving teaching quality, lowering the price threshold, increasing user interaction, etc., to help customers improve their competitiveness and market recognition.

Conclusion

Competitor research is an important strategic analysis tool, which can help enterprises understand their position in the market, find their strengths and weaknesses, formulate effective competitive strategies, seize favorable competitive opportunities, deal with potential competitive threats, and enhance their competitive advantage. As a professional strategic consulting company, Shangpu Consulting provides customers with comprehensive competitor research services to help customers achieve strategic goals and performance growth.