Definition and purpose of competitor research

Competitor research is a market research method that aims to collect and analyze relevant information about competitors, such as product characteristics, service quality, pricing strategy, market share, customer satisfaction, brand image, marketing channels, innovation capabilities, etc. The purpose of competitor research is to understand the strengths and weaknesses of competitors, discover the strategic intentions and behavior patterns of competitors, predict the future trends and impacts of competitors, and develop effective marketing strategies and differentiation advantages to improve their market competitiveness and profitability.

Competitor research methods and procedures

There are several main methods of competitor research:

Documentation: access to basic information and data about competitors by consulting publicly available literature, such as industry reports, news reports, official websites, annual reports, prospectows, etc;

Observation method: through direct or indirect observation of competitors' products, services, channels, marketing activities, etc., to understand their characteristics and performance;

Interviews: through interviews or questionnaires with competitors' employees, customers, suppliers, partners and other relevant personnel to obtain their internal situation and external evaluation;

Trial method: to evaluate the quality and performance of competitors' products or services through their own trial or testing or commissioning of third-party institutions;

Simulation: By constructing a model or scenario of a competitor, simulating its possible behavior and reactions, and predicting its future movements and impact.

The main steps of competitor research include the following:

Determine the scope of competitors: according to market positioning, target customers, product categories and other factors, determine the need to investigate the competitors, can be divided into direct competitors and indirect competitors;

Design research plan: according to the research purpose and budget, select the appropriate research methods and tools, formulate the research plan and process, determine the research content and indicators, and prepare the research questionnaire or guide;

Analysis of research results: according to the research content and indicators, the collected information and data to organize, summarize, analyze and evaluate, using statistical analysis, SWOT analysis, Porter's five forces analysis and other methods to reveal the characteristics and laws of competitors;

Put forward research suggestions: according to the analysis results, put forward the coping strategies and suggestions for competitors, such as product optimization, price adjustment, channel expansion, marketing innovation, cooperation alliance, etc., in order to enhance their competitive advantage and market position.

Case Study of Competitor Research

In order to better illustrate the importance and methods of competitor research, this article will introduce three competitor research cases in different industries. These cases are all derived from the professional services provided by Shangpu Consulting. Shangpu Consulting is a well-known independent third-party research and investment and financing consulting agency in China, dedicated to providing professional solutions for corporate strategic decision-making.

Case 1: Competitor Research in the New Energy Vehicle Industry

New energy vehicles refer to vehicles powered by new energy or hybrid power of new energy and traditional energy, mainly including pure electric vehicles, plug-in hybrid vehicles, fuel cell vehicles, etc. New energy vehicles are the development direction of the automobile industry and an important measure for national energy conservation and emission reduction, so they have received strong support from the government and extensive attention from the society. The competition in the new energy vehicle market is becoming increasingly fierce, and various automobile brands are increasing R & D and investment to compete for market share and customer recognition.

Shangpu Consulting has provided competitor research services for a new energy vehicle brand (hereinafter referred to as "ideal car") to help it understand the current situation and trend of the new energy vehicle industry, as well as the situation and strategies of its main competitors. to provide reference and support for its formulation of effective marketing strategies. Champ Consulting's competitor research services include the following:

Define the scope of competitors: According to the market positioning, target customers, product categories and other factors of the ideal car, Shangpu Consulting has identified the competitors that need to be investigated, mainly including Tesla, Weilai, Xiaopeng, Weimar, BYD and other new energy automobile brands, as well as Audi, BMW, Mercedes-Benz and other traditional luxury automobile brands;

Design research plan: According to the research purpose and budget of Ideal Car, Shangpu Consulting chose the literature method, observation method, interview method and trial method as the main research methods, formulated the research plan and process, and determined the research content and indicators.

Implementation of research activities: According to the research plan, Champ Consulting collected relevant information and data of competitors, mainly through the following methods:

On-the-spot investigation: observe the product display, service process and customer feedback by visiting competitors' sales outlets and service centers;

Telephone interview: by calling the competitor's customer service hotline, consulting its product features, service content, preferential policies, etc;

Email questionnaires: by sending emails to existing or potential customers of competitors, inviting them to fill out questionnaires about competitors' satisfaction and loyalty;

Secret customers: by entrusting third-party institutions or individuals to purchase or try out competitors' products or services as ordinary consumers to evaluate their quality and performance;

Analysis and research results: According to the research content and indicators, Shangpu Consulting collated, summarized, analyzed and evaluated the collected information and data, and used statistical analysis, SWOT analysis, Porter's five forces analysis and other methods to reveal the characteristics and laws of competitors, as follows:

Competitor Product Characteristics Service Quality Price Strategy Market Share Customer Satisfaction Brand Image Marketing Channel Innovation Ability SWOT Analysis

Tesla's high-end, intelligent, environmentally friendly, efficient, professional, personalized, high-priced, phased, subsidy-leading, advanced, fashionable, green, direct selling, online sales, and strong advantages of physical examination stores: leading technology, brand influence, and loyal customer base; Disadvantages: high cost, high dependence, and high complaints; Opportunities: policy support, market demand, international expansion; Threats: intensified competition, legal risks, supply chain interruption

Weilai is luxurious, intelligent, high-quality personality, comprehensive, medium-high social price, installment, electricity exchange to catch up with high youth, vitality, advantages in community online sales, physical examination shops and service stations: user experience, service mode and community atmosphere; Disadvantages: serious losses, single products and limited electricity exchange; Opportunities: capital injection, market potential, partners; Threats: competitive pressure, backward technology, policy changes

Xiaopeng's advantages in intelligence, interconnection, light luxury, convenience, flexibility, medium price, installment, leasing follow China's technology, fashion, pro-people online sales, physical examination stores and direct stores: intelligent system, lightweight design and diversified channels; Disadvantages: potential safety hazards, insufficient service and brand awareness; Opportunities: technological progress, market space and channel expansion; Threats: homogeneous competition, legal restrictions and rising costs

Weima is practical, reliable, economical, standard, fixed and low price, installment, subsidy, backward and low tradition, stable, low-key online sales, distributors and service network. Weak advantages: price advantage, product quality and mature technology; Disadvantages: lack of innovation, single service and shrinking market; Opportunities: policy support, consumption upgrading and regional development; Threats: low-end competition, consumption concept, environmental protection requirements

BYD is diverse, civilian, poor in energy saving, simple, limited and low in stages, leading the public in subsidies, affordable, environmentally friendly online sales, distributors and service network advantages: rich product lines, affordable prices and battery technology; Disadvantages: service quality, brand image and safety issues; Opportunities: favorable policies, broad market and cooperation opportunities; Threats: brand impact, technological innovation, consumption upgrade

Audi's high-end, luxurious, classic, excellent, professional, distinguished, high-priced, phased, preferential, leading, high-quality, reputation, position, online sales, dealers, 4S store advantages: brand effect, product quality, service level; Disadvantages: high cost, high fuel consumption, high maintenance; Opportunities: new energy transformation, market segmentation, value-added services; Threats: new energy competition, policy restrictions, consumption changes

BMW's high-end, sports, excellent innovation, professionalism, distinguished and high price, installment, preferential and high performance, design, passionate online sales, dealers, 4S store advantages: brand effect, product performance, service level; Disadvantages: high cost, high fuel consumption, high maintenance; Opportunities: new energy transformation, market segmentation, value-added services; Threats: new energy competition, policy restrictions, consumption changes

Mercedes-Benz is high-end, luxurious, comfortable and excellent, professional, distinguished and high-priced, phased, preferential, leading, high-quality, history, enjoying the advantages of online sales, dealers and 4S stores: brand effect, product quality and service level; Disadvantages: high cost, high fuel consumption and high maintenance; Opportunities: new energy transformation, market segmentation and value-added services; Threats: new energy competition, policy restrictions, consumption changes

Propose research recommendations: Based on the analysis results, Champu Consulting has made the following research recommendations for Ideal Cars:

In terms of products, ideal cars should adhere to the positioning of high-end, intelligent and environmental protection, constantly improve the technical level and quality level of products, increase the differentiation characteristics of products, meet the needs and preferences of different customers, and improve the competitiveness and attractiveness of products;

In terms of service, the ideal car should learn from the service model of Weilai, provide high-quality, comprehensive and social services, increase the content and form of services, improve the efficiency and quality of services, enhance the experience and perception of services, and improve service satisfaction and satisfaction. Loyalty;

In terms of price, the ideal car should adopt the strategy of medium and high price to reflect its high-end, intelligent and environmental protection value. At the same time, it should combine installment, subsidy and preferential treatment to reduce the purchase cost and use cost of customers, and improve the purchase intention and use frequency of customers;

In the market, the ideal car should strengthen the analysis and division of the target market, according to different regions, people, demand and other characteristics, formulate corresponding market strategies and marketing activities, improve market coverage and penetration, expand market share and influence;

In terms of brand, the ideal car should strengthen the shaping and dissemination of the brand, highlight its high-end, intelligent and environmentally friendly brand image, use various media and channels to improve the brand's popularity and reputation, and establish loyal fans and word-of-mouth communicators of the brand;

In terms of innovation, Ideal Automobile should continue to increase R & D and investment in new energy vehicles, track the technological trends and market demand of the industry, and constantly launch innovative and competitive new products and services. to maintain the advantages of technological leadership and market first mover.

Case 2: Competitor Research in the Education and Training Industry

Education and training refers to helping learners improve their knowledge, skills, quality and other abilities through professional teaching and guidance, so as to achieve personal or organizational goals. The education and training industry is a huge and diverse industry, covering many fields such as preschool education, basic education, higher education, vocational education, continuing education, etc., involving language training, subject counseling, exam preparation, vocational qualifications, hobbies, etc. Aspects. The education and training industry is a demanding and highly competitive industry, and various education and training institutions are competing for market share and customer recognition.

Shangpu Consulting has provided competitor research services for an education and training institution (hereinafter referred to as "New Oriental") to help it understand the current situation and trends of the education and training industry, as well as the situation and strategies of its main competitors. to provide reference and support for it to formulate effective marketing strategies. Champ Consulting's competitor research services include the following:

Define the scope of competitors: According to New Oriental's market positioning, target customers, product categories and other factors, Shangpu Consulting has identified competitors that need to be investigated, mainly including education and training institutions such as Peiyou Education, Learning and Thinking, Good Future, EF Education, Weber English, and online education platforms such as Netease Youdao, Baidu Education, Tencent Classroom, etc;

Design research plan: According to the research purpose and budget of New Oriental, Shangpu Consulting chose literature method, observation method, interview method and trial method as the main research methods, formulated the research plan and process, and determined the research contents and indicators, including product characteristics, service quality, price strategy, market share, customer satisfaction, brand image, marketing channels, innovation ability, etc;

Implementation of research activities: According to the research plan, Champ Consulting collected relevant information and data of competitors, mainly through the following methods:

On-the-spot investigation: observe the product display, service process and customer feedback by visiting competitors' teaching points and service centers;

Telephone interview: by calling the competitor's customer service hotline, consulting its product features, service content, preferential policies, etc;

Email questionnaires: by sending emails to existing or potential customers of competitors, inviting them to fill out questionnaires about competitors' satisfaction and loyalty;

Secret customers: by entrusting third-party institutions or individuals to purchase or try out competitors' products or services as ordinary consumers to evaluate their quality and performance;

Analysis and research results: According to the research content and indicators, Shangpu Consulting collated, summarized, analyzed and evaluated the collected information and data, and used statistical analysis, SWOT analysis, Porter's five forces analysis and other methods to reveal the characteristics and laws of competitors, as shown in the following table:

Table

Competitor Product Characteristics Service Quality Price Strategy Market Share Customer Satisfaction Brand Image Marketing Channel Innovation Ability SWOT Analysis

Peiyou education is focused, efficient, excellent in personality, professional, considerate, medium and high in price, phased, preferential, leading in high in specialty, authoritative, responsible for online sales, physical examination shops and advantages in cooperative schools: teaching quality, teaching staff and service level; Disadvantages: high price, single product and limited market; Opportunities: market demand, policy support, brand reputation; Threats: competitive pressure, technological innovation, consumption changes

Learning and thinking is comprehensive, systematic, well-standardized, standard, stable in price, phased, preferential in front of the public, practical, reliable online sales, physical examination shops, and advantages in cooperative schools: rich product lines, reasonable prices, and market coverage; Disadvantages: lack of innovation, single service, brand awareness; Opportunities: market space, favorable policies, channel expansion; Threats: Homogeneous Competition, Backward Technology, Consumption Upgrade

Analysis and research results: According to the research content and indicators, Shangpu Consulting collated, summarized, analyzed and evaluated the collected information and data, and used statistical analysis, SWOT analysis, Porter's five forces analysis and other methods to reveal the characteristics and laws of competitors, as follows:

Competitor Product Characteristics Service Quality Price Strategy Market Share Customer Satisfaction Brand Image Marketing Channel Innovation Ability SWOT Analysis

Peiyou education is focused, efficient, excellent in personality, professional, considerate, medium and high in price, phased, preferential, leading in high in specialty, authoritative, responsible for online sales, physical examination shops and advantages in cooperative schools: teaching quality, teaching staff and service level; Disadvantages: high price, single product and limited market; Opportunities: market demand, policy support, brand reputation; Threats: competitive pressure, technological innovation, consumption changes

Learning and thinking is comprehensive, systematic, well-standardized, standard, stable in price, phased, preferential in front of the public, practical, reliable online sales, physical examination shops, and advantages in cooperative schools: rich product lines, reasonable prices, and market coverage; Disadvantages: lack of innovation, single service, brand awareness; Opportunities: market space, favorable policies, channel expansion; Threats: Homogeneous Competition, Backward Technology, Consumption Upgrade

Good Future Diversification, Innovation, Excellent Interaction, Profession, Intimate Medium and High Price, Staging, Preferential Leading High Frontier, Leading, Education Online Sales, Physical Examination Stores, Cooperative Schools Strong Advantages: Innovation Ability, Product Diversity, Service Level; Disadvantages: High price, market saturation, fierce competition; Opportunities: technological development, market demand, brand influence; Threats: technological change, policy adjustment, consumption change

EF Education Major, International, Excellent Quality, Major, Distinguished and High Price, Staging, Preferential and Leading Major, International, Quality Online Sales, Physical Examination Stores, Advantages in Cooperative Schools: Teaching Quality, Teaching Staff and Service Level; Disadvantages: high price, single product and limited market; Opportunities: market demand, policy support, brand reputation; Threats: competitive pressure, technological innovation, consumption changes

Weber English is practical, interactive, easy and general, simple, limited and low-priced, phased, backward and low-cost, friendly to the people, easy online sales, physical examination shops and direct stores. Weak advantages: price advantage, product quality and mature technology; Disadvantages: lack of innovation, insufficient service and shrinking market; Opportunities: policy support, consumption upgrading and regional development; Threats: low-end competition, consumption concept, environmental protection requirements

Netease has strong advantages in intelligence, convenience, good personality, flexibility, diversity, medium price, installment, preferential treatment, intelligence, convenience, personalized online sales, APP and cooperation platform: intelligent technology, convenient products and diversity of services; Disadvantages: unstable quality, insufficient service and brand recognition; Opportunities: technological development, market demand and channel expansion; Threats: technological change, policy adjustment, intensification of competition

Baidu Education Intelligence, Comprehensive, Platform General, Standard, Fixed Low Price, Staging, Preferential Leading Low Intelligence, Comprehensive, Platform Network Sales, APP, Advantages in Cooperation Platform: Intelligent Technology, Comprehensive Products, Platform Advantages; Disadvantages: low quality, single service and brand image; Opportunities: technological development, market demand, channel expansion; Threats: technological change, policy adjustment, intensified competition

Tencent's classroom intelligence, interaction, good social interaction, flexibility, diversity, medium price, installment, preferential leading, medium intelligence, interaction, social network marketing, APP, advantages in cooperation platform: intelligent technology, product interaction, social function; Disadvantages: different quality, insufficient service, brand awareness; Opportunities: technological development, market demand, channel expansion; Threats: technological change, policy adjustment, intensified competition

Propose research suggestions: According to the analysis results, Shangpu Consulting has put forward the following research suggestions for New Oriental:

In terms of products, New Oriental should adhere to the professional, international and quality positioning, continuously improve the teaching quality and effect of products, increase the differentiation characteristics of products, meet the needs and preferences of different customers, and improve the competitiveness and attractiveness of products;

In terms of service, New Oriental should learn from the future service model, provide excellent, professional and considerate services, increase the content and form of services, improve the efficiency and quality of services, enhance the experience and perception of services, and improve service satisfaction and loyalty;

In terms of price, New Oriental should adopt the strategy of medium and high price to reflect its professional, international and quality value. At the same time, it should combine installment, preferential treatment and subsidy to reduce customers' purchase cost and use cost, and improve customers' purchase intention and use frequency;

In terms of market, New Oriental should strengthen the analysis and division of target markets, formulate corresponding market strategies and marketing activities according to the characteristics of different regions, people, and needs, improve market coverage and penetration, and expand market share and influence;

In terms of brand, New Oriental should strengthen the shaping and dissemination of the brand, highlight its professional, international and quality brand image, use various media and channels to improve the brand's popularity and reputation, and establish loyal fans and word-of-mouth communicators of the brand;

In terms of innovation, New Oriental should continue to increase R & D and investment in education and training, track the technological trends and market demand of the industry, continuously launch innovative and competitive new products and services, and maintain the advantages of leading technology and market first mover.