Purpose of 1. Competitor Analysis

The main purpose of competitor analysis is the following:

Understand the basic situation of competitors, such as scale, history, culture, organizational structure, financial status, product line, technical level, market position, brand image, etc;

Assess the core competencies of competitors, such as resources, capabilities, strengths, weaknesses, value propositions, profit models, cost structures, risk factors, etc;

Analyze competitors' competitive strategies, such as target market, target customers, positioning, differentiation, channel, price, promotion, innovation, cooperation, acquisition, etc;

Predict future trends of competitors, such as development trends, growth potential, market opportunities, market threats, strategic changes, new product launches, etc;

Looking for their own competitive advantages and differentiation strategies, such as filling market gaps, meeting customer needs, providing better products or services, reducing costs or improving efficiency, creating higher value or profits, building stronger brands or loyalty, etc.

2. methods of competitor analysis

There are several main methods of competitor analysis:

SWOT analysis: SWOT analysis is a commonly used strategic analysis tool, it will be a competitor's internal environment (Strengths and disadvantage Weaknesses) and external environment (opportunity Opportunities and threat Threats) for a comprehensive analysis, so as to identify the competitor's strengths and weaknesses and opportunities to provide a reference for the development of competitive strategy.

4P analysis method: 4P analysis method is a commonly used marketing analysis tool, which analyzes the competitor's marketing mix (product Product, price, channel Place and promotion Promotion), so as to understand the competitor's market performance and market strategy, and provide reference for the formulation of marketing strategy.

Porter's Five Forces Analysis: Porter's Five Forces Analysis is a commonly used industry analysis tool that analyzes the five competitive forces in the industry (industry competitors, potential entrants, substitutes, suppliers and buyers) to assess the degree of competition and profitability of the industry and provide a reference for the formulation of industry strategies.

Other analysis methods: In addition to the above three commonly used analysis methods, there are some other analysis methods, such as value chain analysis method, resource-based theory, VRIO analysis method, strategic group analysis method, Boston matrix method, life cycle analysis method, etc., according to different analysis purposes and analysis objects to choose the appropriate analysis method.

Steps to 3. competitor analysis

The general steps for competitor analysis are as follows:

Identify competitors: Competitors are companies that provide the same or similar products or services in the same market, which can be divided according to different criteria, such as product category, market share, geographic location, customer base, etc., and select the most representative and Competitive competitors for analysis.

Information collection: Information is the basis for competitor analysis and can be collected through a variety of channels and methods, such as online search, industry reports, media reports, customer feedback, market research, mysterious customers, competitors' official websites, social media, recruitment Information, financial reports, patent applications, etc., collect as much relevant information as possible for in-depth analysis.

Analysis information: Analysis information is the core of competitor analysis. It can be analyzed according to different analysis methods and analysis frameworks, such as SWOT analysis method, 4P analysis method, Porter's five forces analysis method, etc., to comprehensively evaluate and compare competitors from different angles and dimensions, and find out the advantages and disadvantages, opportunities and threats, strategies and trends of competitors.

Formulate a plan: Formulate a plan is the purpose of competitor analysis. According to the results of the analysis, formulate corresponding plans, such as product plans, market plans, investment plans, etc., to improve their competitive advantages and differentiation, seize market opportunities and respond to market threats, increase market share and profitability, and achieve corporate strategic goals.

Tools 4. Competitor Analysis

The main tools for competitor analysis are the following:

Competitor analysis template: A competitor analysis template is a tool used to record and display competitor analysis results. It can be used in the form of tables, charts, matrices, etc. to organize and present competitors' basic information, core competitiveness, competitive strategies, advantages and disadvantages, opportunities and threats, etc. for comparison and summary.

Competitor analysis software: Competitor analysis software is a tool for collecting and analyzing competitor information, which can automatically obtain competitor website traffic through web crawler, artificial intelligence, big data and other technologies,KeywordsRankings, social media activities, customer reviews, market trends and other data, visual and intelligent analysis, provide insights and suggestions.

Competitor analysis case: Competitor analysis case is a tool used to demonstrate the practical application and effect of competitor analysis. It can illustrate how to carry out competitor analysis, the programs and measures formulated according to the results of competitor analysis, and the results and benefits obtained through specific examples of enterprises or industries.

Case for 5. competitor analysis

This article takes Champ Consulting as an example to show how to analyze its main competitors and give some suggestions and solutions.

Shangpu Consulting is a leading global management consulting company, providing consulting services in strategy, operation, organization, digital, technology, human resources, etc., serving customers in various industries and fields, helping customers solve the most complex challenges and achieve excellence Performance. Champ's vision is to be the most respected consulting firm, creating lasting value for customers, employees and society.

The main competitors of Champ Consulting are the following:

McKinsey & Company (McKinsey & Company): McKinsey & Company is the world's largest management consulting company and one of the most well-known consulting companies. It provides consulting services in strategy, organization, operation, digital, analysis, function, etc., serving customers in various industries and fields, with the world's most extensive knowledge network and the best talent team, It is famous for its high-quality service and high-end customers.

Boston Consulting Group (BCG): Boston Consulting Group is one of the most famous strategic consulting companies in the world, providing consulting services in strategy, operation, organization, digital, technology, innovation, etc., serving customers in various industries and fields, famous for its creative thinking and innovative solutions, and is a leader and disruptor in the field of strategic consulting.

Bain & Company (Bain & Bain): Bain Consulting is one of the most influential management consulting firms in the world, providing consulting services in strategy, operation, organization, digital, private equity and other aspects, serving clients in various industries and fields, famous for its practical methods and excellent results, and is a leader and expert in the field of private equity.

For Shangpu Consulting, the above three consulting companies are its strongest competitors and its most important reference objects. In order to better understand and respond to these competitors, Champ Consulting needs to conduct a systematic competitor analysis of them in order to identify their own strengths and weaknesses, opportunities and threats, and to develop appropriate programs and measures.

In order to simplify the analysis process, this paper uses SWOT analysis to analyze the three competitors of Shangpu Consulting, the results are as follows:

Competitor strengths Weaknesses Opportunities Threats

McKinsey & Company has high brand awareness, high customer loyalty, high service quality, sufficient talent reserve, extensive knowledge network, comprehensive business coverage, strong innovation ability, high price, fierce competition, reputation damage, management turbulence, high staff turnover rate, high project risk, digital transformation, emerging markets, new business areas, social responsibility, partners other consulting companies, emerging consulting companies, changes in customer demand, changes in political and economic environment, restrictions by laws and regulations

Boston Consulting Group has leading strategic thinking, strong innovation ability, unique solutions, high customer satisfaction, excellent talent training, open corporate culture, stable performance growth, relatively small scale, relatively narrow business coverage, fierce competition, high talent turnover rate, high project risk, digital transformation, emerging markets, new business areas, social responsibility, partners other consulting companies, emerging consulting companies, changes in customer demand, political and economic environment changes, legal and regulatory restrictions

Bain Consulting Company has strong practical methods, strong result orientation, high customer loyalty, excellent talent training, friendly corporate culture, relatively small professional scale in private equity field, relatively narrow business coverage, fierce competition, high talent turnover rate, high project risk, digital transformation, emerging markets, new business areas, social responsibility, partners, other consulting companies, emerging consulting companies, changes in customer demand, changes in political and economic environment, restrictions by laws and regulations

Based on the above analysis, Champ Consulting can conclude the followingConclusionand recommendations:

The three major competitors of Shangpu Consulting all have strong brand influence, high-quality service level, excellent talent team and innovative solutions, which are the biggest challenges and threats of Shangpu Consulting. Shangpu Consulting needs to constantly improve its core competitiveness in order to maintain its leading position in the consulting industry.

The three major competitors of Shangpu Consulting also have their own disadvantages and risks, such as high prices, reputation damage, management turmoil, narrow business coverage, etc. These are the opportunities and advantages of Shangpu Consulting. Shangpu Consulting needs to make full use of these opportunities and advantages to improve its market share and customer satisfaction.

The three major competitors of Shangpu Consulting are also facing the same market opportunities and threats, such as digital transformation, emerging markets, new business areas, social responsibility, partners, changes in customer needs, changes in the political and economic environment, legal and regulatory restrictions, etc. These are the challenges and threats of Shangpu Consulting. Shangpu Consulting needs to respond to these challenges and threats in a timely manner to maintain its leading position in the consulting industry.

Based on the above competitor analysis, Champ Consulting can develop the following programs and measures:

Improve service quality and efficiency, provide more valuable and influential consulting services, meet the different needs and expectations of customers, improve customer loyalty and satisfaction, increase customer conversion and retention, and expand customer scale And scope, increase market share and profitability.

Strengthen personnel training and motivation, attract and retain the best talents, provide more opportunities for learning and development, establish stronger team cooperation and communication, improve the ability and quality of employees, improve the happiness and sense of belonging of employees, reduce the turnover rate and turnover rate of employees, and improve the efficiency and creativity of employees.

Strengthen innovation capabilities and R & D investment, develop and launch more new products and services, meet new market needs and new trends, provide more differentiated and customized solutions, and improve their own competitive advantages and differentiation. Seize market opportunities and opportunities, improve market awareness and influence.

Strengthen social responsibility and brand image, actively participate in and support social public welfare and charitable activities, improve their own social value and social influence, improve social trust and respect, improve their own brand awareness and brand reputation, improve their own brand loyalty and brand advantage.

Strengthen partnerships and network relationships, actively seek and establish partnerships with other companies and institutions, improve their own resources and capabilities, improve their own channels and coverage, improve their own market and industry status, and improve their own cooperation value and cooperation results.