Significance and Limitations of 1. Competitor Research

Competitor research refers to the process of collecting, sorting, analyzing and evaluating the existing or potential competitors in the industry or market, so as to understand the basic situation, strategic intention, advantages and disadvantages, behavior mode and reaction ability of the competitors, so as to provide basis and guidance for the formulation and implementation of the strategy of the enterprise. The significance of competitor research is mainly reflected in the following aspects:

Help companies understand the market environment. Through competitor research, companies can grasp the size, structure, trends, demand, changes, etc. of the market, as well as the number, type, distribution, characteristics, behavior, etc. of competitors, so as to have a clear understanding of market opportunities and threats, and provide a basis for market positioning and target selection.

Help companies find competitive advantage. Through competitor research, enterprises can compare their own and competitors' products, services, brands, channels, costs, quality, technology, innovation and other aspects of the differences and advantages and disadvantages, so as to find out their own core competitiveness and competitive advantages, to provide support for the formulation and implementation of differentiation strategy.

Help companies develop effective competitive strategies. Through competitor research, enterprises can predict the strategic intentions and action plans of competitors, analyze the strengths and weaknesses of competitors, assess the threats and opportunities of competitors, and formulate targeted competitive strategies, such as attack, defense, cooperation, circumvention, etc., in order to deal with different competitive situations and improve the competitive effect.

Helping businesses foster innovation and learning. Through competitor research, companies can learn from and learn from the successful experiences and lessons of competitors, discover the innovation points and highlights of competitors, stimulate their own innovative thinking and innovative actions, thereby enhancing their own innovation and learning capabilities, and enhancing their competitiveness. And sustainable development capabilities.

However, there are some limitations and challenges in competitor research, mainly in the following areas:

Access to data and information is difficult. Competitors' data and information are often sensitive and confidential, and competitors are usually unwilling or inconvenient to disclose or disclose. Therefore, when companies conduct competitor research, it is often difficult to obtain complete, accurate, timely and effective data and information., Or need to pay higher costs and risks, which will affect the quality and effectiveness of competitor research.

The analysis of data and information is complex. Competitor's data and information are often complex and diverse, involving multiple dimensions and levels, such as market, product, technology, finance, organization, culture, strategy, etc. Therefore, when conducting competitor research, enterprises need to use a variety of methods and tools, such as Porter's Five Forces Model, SWOT analysis, value chain analysis, strategic map, etc., to conduct comprehensive, in-depth, systematic and dynamic analysis, this increases the difficulty and complexity of competitor research.

Limited access to data and information. Competitors' data and information are often static and historical, reflecting the past and present of competitors, not the future and potential. Therefore, when companies conduct competitor research, it is often difficult to capture changes and trends of competitors., Predict the trends and behaviors of competitors, discover opportunities and threats of competitors, thereby reducing the value and significance of competitor research.

Innovative thinking of 2. competitor research

In order to overcome the limitations and challenges of competitor research and improve the effect and level of competitor research, this paper puts forward an innovative competitor research thinking, that is, from the competitor's value proposition, business model, core competence and innovation ability four dimensions of in-depth analysis, in order to reveal the real advantages and disadvantages of competitors, predict the future trend of competitors, and find the blind spots and loopholes of competitors, so as to provide valuable reference and enlightenment for the strategic decision-making of enterprises. Specifically, the meanings and methods of analysis of these four dimensions are as follows:

Value proposition. Value proposition refers to the value provided by an enterprise to its target customers, including the function, quality, price, convenience, experience and emotion of the product or service. Analyzing the value proposition of competitors can help enterprises understand the way of value creation and value transmission of competitors, evaluate the value advantage and value gap of competitors, and discover the possibility of value innovation and value enhancement of competitors. Analyzing competitors' value propositions can be done using the value proposition canvas approach, which is to sort out and compare four aspects: customer segmentation, customer needs, customer benefits, customer pain points, products or services, value-added services, pain point mitigation, and revenue creation to form a clear value proposition map.

Business model. Business model refers to a series of activities and arrangements adopted by enterprises to realize their value proposition, including customer relationships, channels, revenue sources, cost structure, resources, partners, key activities, etc. Analyzing competitors' business models can help companies understand competitors' operating methods and profitability, evaluate competitors' efficiency and effectiveness, and discover competitors' potential for business innovation and business optimization. Analyzing competitors' business models can be done using the business model canvas approach, which is to sort out and compare nine aspects: value proposition, customer segmentation, customer relationship, channels, revenue sources, key resources, key activities, key partners, and cost structure to form a complete business model map.

core competencies. Core competence refers to the unique, difficult to imitate, sustainable and able to create value for customers in the industry or field in which an enterprise is located, including technical ability, management ability, innovation ability, learning ability and so on. Analyzing the core competence of competitors can help enterprises understand the core advantages and core competitiveness of competitors, evaluate the sustainable development ability and market leadership ability of competitors, and discover the path and law of the formation and development of the core competence of competitors. The VRIO framework approach can be used to analyze the core competencies of competitors, which is judged and compared in terms of value, scarcity, irreplaceability, and organizational support to determine the level and type of core competencies of competitors.

Innovation ability. Innovation ability refers to the ability of enterprises to constantly put forward new value propositions, business models, products or services, technologies or methods in the face of market changes and competitive pressures. in order to meet the new needs of customers, solve new problems of customers, and create new value of customers, including innovative thinking, innovative culture, innovative process, innovative resources and so on. Analyzing the innovation ability of competitors can help enterprises understand the innovation power and innovation achievements of competitors, evaluate the innovation advantages and innovation potential of competitors, and discover the innovation opportunities and threats of competitors. To analyze the innovation ability of competitors, we can use the method of innovation ability evaluation model, that is, from the innovation strategy, innovation organization, innovation process, innovation resources, innovation climate, innovation performance six aspects of evaluation and comparison, in order to obtain the level and characteristics of the innovation ability of competitors.

Examples and effects of 3. competitor research

In order to illustrate the practical application and effect of innovative thinking in competitor research, this paper takes Shangpu Consulting Company as an example, and introduces how the company uses this thinking to help its customers conduct competitor research and enhance their competitiveness and innovation. Shangpu Consulting Company is a company specializing in strategic consulting, management consulting, and innovation consulting. It has many years of industry experience and professional knowledge, and has served many well-known domestic and foreign companies, such as Alibaba, Tencent, Baidu, Huawei, Apple, Microsoft Wait. One of the clients of Shangpu Consulting is a company engaged in smart home products and services. The company is facing fierce market competition and needs to conduct in-depth research on its main competitors to formulate effective competitive strategies. Champu Consulting provided the following competitor research services to this client:

First of all, Shangpu Consulting Company helped the client to identify its main competitors, including Xiaomi, Haier, BOE, Philips, etc., and made a detailed analysis from the four dimensions of value proposition, business model, core competence and innovation ability respectively. It used the methods of value proposition canvas, business model canvas, VRIO framework and innovation ability evaluation model to form a comprehensive research report of competitors, reveals the strengths and weaknesses of competitors, trends, opportunities, threats, etc.

Secondly, Shangpu Consulting Company helps the customer to compare the value proposition, business model, core ability and innovation ability of itself and competitors, and finds its own differentiation advantage and competitiveness, as well as its own improvement space and promotion potential. It formulates targeted competition strategies for the customer, including how to consolidate and expand its own market share, how to deal with and resist the attack of competitors, how to cooperate and win-win with competitors, how to avoid and avoid conflicts with competitors, etc.

Finally, Shangpu Consulting helped the customer learn from and learn from the innovative experience and innovative highlights of competitors, stimulated the customer's innovative thinking and innovative actions, and provided the customer with a series of innovative solutions, including how to improve their own innovation capabilities., How to develop new value propositions and business models, how to create new products or services, how to adopt new technologies or methods, etc.

Through the competitor research service of Shangpu Consulting Company, the customer not only has a deeper understanding and understanding of its competitors, but also improves its competitiveness and innovation, and has achieved better performance and reputation in the smart home market.

4. conclusions and recommendations

Competitor research is an important part of corporate strategic analysis, which can help companies understand the market environment, discover competitive advantages, and formulate effective competitive strategies. However, traditional competitor research methods often rely too much on superficial data and information, ignoring the inherent logic and motivation of competitors, as well as potential opportunities and threats. This paper proposes an innovative competitor research thinking, that is, from the competitor's value proposition, business model, core competence and innovation ability four dimensions of in-depth analysis, in order to reveal the true strengths and weaknesses of competitors, predict the future trend of competitors, and find the blind spots and loopholes of competitors, so as to provide valuable reference and enlightenment for the strategic decision-making of enterprises. Taking Shangpu Consulting Company as an example, this paper introduces the steps and effects of this thinking in practical application, and shows how Shangpu Consulting Company can help customers to look at competitors from the perspective of innovation and enhance their competitiveness and innovation.

Based on the analysis and examples of this paper, this paper makes the following recommendations to help companies better conduct competitor research:

Choose the right competitor. The selection of competitors should be based on the goals and strategies of the enterprise, as well as the actual situation of the market, and select those competitors that have an important impact on the development of the enterprise, instead of blindly pursuing quantity and scope to avoid waste and dispersion of resources.

Get valid data and information. The acquisition of competitors' data and information should follow the principles of legality, reasonableness, and compliance, and use multiple channels and methods, such as public reports, websites, social media, professional databases, third-party organizations, industry activities, etc. In order to obtain complete, accurate, timely and effective data and information to improve the quality and effectiveness of competitor research.

Use innovative thinking and methods. The analysis of competitors should use innovative thinking and methods, such as the four dimensions of value proposition, business model, core competence and innovation ability proposed in this paper, in order to deeply understand the real advantages and disadvantages of competitors, predict the future trend of competitors, and discover the opportunities and threats of competitors, so as to provide valuable reference and enlightenment for the strategic decision-making of enterprises.

Develop effective competitive strategies. The use of competitors should formulate effective competitive strategies, according to their own and competitors' differentiated advantages and competitiveness, choose appropriate competitive strategies, such as attack, defense, cooperation, circumvention, etc., in order to deal with different competitive situations and improve the competitive effect.

Promote innovation and learning. Competitor research should promote innovation and learning, learn from and learn from the successful experience and lessons of competitors, discover the innovation points and highlights of competitors, stimulate their own innovative thinking and innovative actions, so as to enhance their own innovation ability and learning ability, and enhance their own competitiveness and sustainable development ability.