Purpose of 1. Competitor Research

The purpose of competitor research is to help enterprises better understand the market environment and competitive situation, so as to improve their competitiveness and market share. Specifically, competitor research can help companies achieve the following objectives:

Identify and assess the number, type, size, position, strategy, strengths, weaknesses, trends, threats and opportunities of competitors;

Analyze the characteristics, price, quality, function, innovation, satisfaction, loyalty, channel, promotion, brand, reputation, etc. of competitors' products or services;

Compare and evaluate the differences and similarities between themselves and their competitors, find out their core competitiveness and competitive disadvantages, and determine their market positioning and differentiation strategies;

Predict and respond to the possible behaviors and reactions of competitors, formulate corresponding strategies and action plans, seize market opportunities, and avoid or mitigate market threats.

Content of 2. competitor research

The competitor research mainly includes the following aspects:

Basic information of competitors, such as name, address, contact information, establishment time, legal representative, shareholder structure, organizational structure, business scope, main products or services, target market, target customers, etc;

Competitor's financial position, such as operating income, profit, assets, liabilities, cash flow, costs, investments, financial ratios, etc;

The strategic situation of competitors, such as vision, mission, objectives, values, strategic direction, strategic choice, strategic implementation, strategic evaluation, etc;

Competitor market conditions, such as market share, market growth, market demand, market segmentation, market positioning, market opportunities, market threats, etc;

Competitor's marketing status, such as product or service characteristics, price, quality, function, innovation, satisfaction, loyalty, channel, promotion, brand, reputation, etc;

The human resource status of competitors, such as the number of employees, employee structure, employee quality, employee training, employee motivation, employee satisfaction, employee turnover rate, etc;

Technology status of competitors, such as technology level, technology innovation, technology protection, technology cooperation, technology transfer, technology input, technology output, etc;

The legal status of competitors, such as legal compliance, legal risks, legal disputes, legal protection, legal counsel, etc.

Methods of 3. competitor research

There are several main methods of competitor research:

Desktop research, that is, through the collection, collation, analysis of competitors' public information, such as official websites, annual reports, news, social media, industry reports, market research, patents, trademarks, court decisions, etc., to obtain relevant data and information about competitors;

On-site investigation, that is, by personally or entrusting a third party to the competitor's business premises, production bases, sales outlets, exhibitions, conferences, etc., to observe, take photos, record, video, interview, purchase, trial, etc., to obtain the first-hand information and feelings of the competitor;

Customer research, that is, through the existing or potential customers of competitors, questionnaires, interviews, discussion groups, mysterious customers, satisfaction surveys, etc., to understand the advantages and disadvantages of competitors' products or services, customer needs and preferences, customer loyalty and willingness to switch;

Supplier research, that is, through the existing or potential suppliers of competitors, questionnaires, interviews, discussion groups, cooperation intentions, quotation comparison, etc., to understand the competitor's procurement volume and frequency, procurement costs and quality, procurement channels and methods, procurement strategies and plans;

Industry expert research, that is, through the industry experts, scholars, consultants, analysts, commentators, associations, institutions, etc., to conduct questionnaires, interviews, discussion groups, reports, articles, evaluations, etc., to understand the industry status and influence of competitors, industry trends and changes, industry opportunities and threats.

Steps to 4. competitor research

The steps of competitor research mainly include the following stages:

Determine the research objectives, I .e., clarify the purpose, scope, content, method, time, budget, etc. of the research;

Select the research object, that is, according to market segmentation, competitive intensity, competitive relationship, competitive potential, etc., to determine the number and type of competitors to be investigated;

Design research plan, that is, according to the research objectives and objects, formulate the specific contents, methods, tools, processes, personnel, resources, etc. of the research;

Implementation of research activities, that is, in accordance with the research program, the use of desktop research, field visits, customer research, supplier research, industry expert research and other methods, to collect relevant data and information about competitors;

Analyze the research results, that is, organize, summarize, classify, compare, evaluate, attribute and predict the collected data and information, and obtain the characteristics, advantages, disadvantages, trends, threats and opportunities of competitors;

Summarize the research conclusion, that is, according to the analysis results, summarize the main characteristics, advantages, disadvantages, trends, threats and opportunities of competitors, and put forward the evaluation and suggestions of competitors;

Compile research report, that is, according to the research conclusion, write the report of competitor research, including title, abstract, keywords, catalogue, text, conclusion, suggestion, reference, appendix, etc., according to the standard format and language, proofread, modify, review, release, etc.

5. Competitor Research Cases

In order to better demonstrate the value and practice of competitor research, this paper selects specific cases of clients of Shangpu Consulting Services:

A competitor survey of a home appliance company. The company is a professional production and sales of air conditioners, refrigerators, washing machines and other household appliances, facing fierce market competition, hoping to understand their position and advantages and disadvantages in the market through competitor research, find market opportunities and threats, and formulate corresponding strategies and action plans. Champ Consulting provides the company with a competitor research service, which consists of the following steps:

Determine the research objectives, that is, to understand the scale, growth, demand, segmentation and trend of the home appliance market, analyze the market share, product characteristics, price strategy, channel layout, brand image, innovation ability, customer satisfaction, etc. of oneself and competitors, find out their own advantages and disadvantages, find out the opportunities and threats of the market, and formulate corresponding strategies and action plans;

Select the research object, that is, according to market segmentation and competition intensity, determine the number and type of competitors to be investigated, including direct competitors and indirect competitors, such as Midea, Gree, Haier, Hisense, TCL, LG, Samsung, Siemens, etc;

Design research plan, that is, according to the research objectives and objects, formulate the specific contents, methods, tools, processes, personnel, resources, etc. of the research, including desktop research, field visits, customer research, supplier research, industry expert research and other methods, collect relevant data and information of competitors;

Implement research activities, that is, according to the research plan, use desktop research, field visits, customer research, supplier research, industry expert research and other methods to collect relevant data and information of competitors, such as competitors' basic information, financial status, strategic status, market status, marketing status, human resources status, technical status, legal status, etc;

Analyze the research results, that is, sort out, summarize, classify, compare, evaluate, attribute and predict the collected data and information, draw the characteristics, advantages, disadvantages, trends, threats and opportunities of competitors, compare and evaluate the differences and similarities between oneself and competitors, find out one's core competitiveness and competitive disadvantages, and determine one's own market positioning and differentiation strategy, anticipate and respond to the possible actions and reactions of competitors;

inductive investigationConclusionThat is, according to the analysis results, summarize the main characteristics, advantages, disadvantages, trends, threats and opportunities of competitors, and put forward the evaluation and suggestions of competitors. For example, Midea and Gree are the leaders in the home appliance market and have high market share and products. Quality, brand awareness, innovation ability, channel coverage and other advantages, but it also faces threats such as rising costs, declining profits, product homogeneity, and market saturation; haier and Hisense are challengers in the home appliance market. They have strong product diversification, price competitiveness, and overseas market development, but they also face disadvantages such as weak brand image, unstable channels, and unleading technology; TCL, LG, Samsung, Siemens, etc. are followers of the home appliance market, with certain product characteristics, technical level, customer base and other advantages, however, it also faces disadvantages such as low market share, high competitive pressure and insufficient marketing efforts;

Compile research report, that is, according to the research conclusion, write the report of competitor research, including title, abstract, keywords, catalogue, text, conclusion, suggestion, reference, appendix, etc., according to the standard format and language, proofread, modify, review, release, etc.