Purpose and significance of competitor research

In the market economy, competition is inevitable, enterprises in order to survive and develop in the fierce competition, we must understand their competitors, as well as their strengths and weaknesses, so as to develop their own competitive strategy. The main purpose and significance of competitor research are as follows:

-Understand the basic situation of competitors, such as scale, status, products, prices, channels, promotion, quality, services, etc., as well as their development history, strategic direction, target market, core competitiveness, etc., so as to have a comprehensive and in-depth understanding of competitors.

-Analyze the strengths and weaknesses of competitors, find out their own competitive strengths and weaknesses, as well as the threats and opportunities of competitors, so as to determine their own competitive position and competitiveness, as well as the strengths and weaknesses of competitors.

-Predict the dynamics and trends of competitors, such as the introduction of new products, the application of new technologies, the development of new markets, the establishment of new cooperation, the impact of new policies, etc., so as to make timely responses and adjustments to seize opportunities or avoid risks.

-Find the loopholes and defects of competitors, such as the lack of products, service dissatisfaction, poor channels, poor promotion, quality instability, lack of innovation, etc., so as to find out their own improvement and innovation points, improve their products and service levels, and increase their market share and profit space.

-Learn the advantages and experience of competitors, such as product characteristics, intimate service, diversity of channels, effective promotion, quality assurance, innovation breakthrough, etc., so as to learn from and absorb the success of competitors, improve their competitiveness and level, and realize their own development and progress.

Content and scope of competitor research

The content and scope of competitor research should be determined according to the specific situation and objectives of the enterprise, generally including the following aspects:

-Competitor identification and selection. Competitors are other enterprises that compete directly or indirectly with the enterprise in the same market or industry. Competitors can be divided into direct competitors and indirect competitors. Direct competitors are businesses that provide the same or similar products or services, such as Coca-Cola and Pepsi, Huawei and Apple. Indirect competitors are companies that provide different products or services that can replace or meet the same needs, such as automobiles and high-speed rail, mobile phones and computers. When conducting competitor research, enterprises should select the most representative and threatening competitors according to their market positioning and target customers, generally no more than three to five, in order to concentrate energy and resources and improve the efficiency and effectiveness of the research.

-Basic information about competitors. The basic information of competitors includes the company's name, address, telephone number, website, legal representative, registered capital, establishment time, business scope, organizational structure, shareholder composition, management team, employee size, assets and liabilities, operating income, profit level, market Share, brand image, corporate culture, corporate mission, vision and values, etc, this information can be obtained from competitors' official websites, annual reports, announcements, news, social media and other channels, as well as through industry associations, business databases, market research reports and other channels.

-Competitor product information. Competitor's product information includes product type, name, model, specification, function, feature, advantage, disadvantage, price, cost, profit, sales volume, market share, life cycle, innovation degree, quality level, service level, customer satisfaction, customer loyalty, etc., which can be obtained from competitors' product catalog, product introduction, product evaluation, product promotion, product display and other channels, it can also be obtained through market research, customer interviews, mysterious customers, product trials, etc.

-Marketing information of competitors. Competitors' marketing information includes competitors' market positioning, target market, target customers, market demand, market potential, market opportunities, market threats, market strategies, market activities, etc. These information can be obtained from competitors' marketing plans, marketing reports, marketing publicity, marketing cases and other channels, or through market research, customer interviews, competition analysis, media monitoring and other ways.

-Strategic information of competitors. Competitors' strategic information includes competitors' strategic objectives, strategic directions, strategic choices, strategic execution, strategic evaluation, etc. These information can be obtained from competitors' strategic planning, strategic reports, strategic speeches, strategic communication and other channels, as well as through competitors' strategic changes, strategic actions, strategic effects and other channels, as well as through strategic analysis, strategic simulation, strategic prediction and other ways.

Competitor research methods and procedures

The methods and steps of competitor research should be based on the specific needs and objectives of the business and generally include the following steps:

-Determine research objectives and scope. According to their own strategic objectives and market positioning, enterprises should clarify the purpose and significance of the research, as well as the content and scope of the research, so as to determine the focus and direction of the research.

-Collect research information. Enterprises should select appropriate information sources and channels according to the content and scope of the research, and adopt effective information collection methods, such as desktop research, field visits, interviews, questionnaires, observation surveys, experimental surveys, etc., to collect as much as possible, accurate, effective and valuable competitor information.

-Analyze research information. According to the objectives and scope of the investigation, enterprises should choose appropriate information analysis methods, such as SWOT analysis, PEST analysis, Porter's five forces analysis, competitive advantage analysis, competitive situation analysis, competitor analysis, competitor group analysis, competitor map analysis, competitor prediction analysis, etc., to sort out, summarize, compare, evaluate and explain the collected competitor information, and extract useful information andConclusion。

-Application of research results. Enterprises should be based on the results of the survey andConclusionTo formulate targeted, effective and innovative competitive and marketing strategies, such as product strategy, price strategy, channel strategy, promotion strategy, service strategy, innovation strategy, etc., as well as corresponding action plans and implementation plans, so as to realize the purpose and significance of competitor research.

-Evaluation of research results. Enterprises should select appropriate evaluation indicators and methods according to the objectives and scope of the research, such as market share, profit margin, customer satisfaction, brand awareness, competitive advantage, competitiveness, etc., and conduct regular, systematic and objective evaluation and feedback on the process and results of the research, so as to test the effect and value of the research, as well as the deficiencies and improvements of the research.

Analysis and application of competitor survey results

The analysis and application of the results of competitor research is the core and key of competitor research, and it is also the ultimate purpose and significance of competitor research. The analysis and application of the results of competitor research should be carried out according to the specific situation and objectives of the enterprise, generally including the following aspects:

-Determine your competitive position and competitiveness. According to the results of competitor research, enterprises should analyze the advantages and disadvantages of themselves and competitors, as well as the threats and opportunities of competitors, so as to determine their competitive position and competitiveness in the market, such as leaders, challengers, followers, weak people, etc., as well as their own competitive advantages and core competitiveness, such as products, prices, channels, promotion, services, innovation, etc.

-Develop your own competitive strategy and marketing strategy. Enterprises should be based on their competitive position and competitiveness, as well as the dynamics and trends of competitors, to develop their own competitive strategies and marketing strategies, such as attack strategy, defense strategy, follow strategy, retreat strategy, etc., as well as the corresponding product strategy, price strategy, channel strategy, promotion strategy, service strategy, innovation strategy, so as to achieve their own market goals and profit goals.

-Execute your own competitive strategy and marketing strategy. Enterprises should formulate specific action plans and implementation plans according to their own competitive and marketing strategies, such as product development, price adjustment, channel construction, promotion activities, service improvement, innovation implementation, etc., so as to translate the results of competitor research into practical actions and effects.

-Monitor your competitive strategy and marketing strategy. Enterprises should establish effective monitoring mechanism and feedback mechanism according to their own competition strategy and marketing strategy, such as market monitoring, customer feedback, competitor monitoring, competitor reaction, etc., so as to timely understand the implementation and effect of their own competition strategy and marketing strategy, as well as the changes and reactions of competitors, so as to make corresponding adjustments and optimization.

Opportunity discovery and innovative thinking in competitor research

Competitor research can not only help enterprises understand the market environment and competitive situation, but also help enterprises find potential business opportunities and innovation points. Business opportunity discovery and innovative thinking in competitor research should be carried out according to the specific situation and objectives of the enterprise, generally including the following aspects:

-Identify competitor vulnerabilities and flaws. According to the results of competitor research, enterprises should find out the loopholes and defects of competitors, such as insufficient products, dissatisfaction with service, poor channels, ineffective promotion, unstable quality, lack of innovation, etc., so as to find out their own improvement and innovation points, improve their products and service level, and increase their market share and profit space. For example, when Shangpu Consulting conducted a competitor survey for an e-commerce company, it found that there were some problems in the competitor's website design and user experience, such as slow page loading speed, complex navigation bar, weak search function, inconvenient shopping cart, There are not many payment methods, etc., thus providing the company with suggestions and solutions to improve and optimize the website, and improving the company's website performance and user satisfaction.

-Learn the strengths and experiences of competitors. Enterprises should be tested according to competition. According to the results of competitor research, enterprises should find out the advantages and experience of competitors, such as product characteristics, intimate service, diversity of channels, effective promotion, quality assurance, innovation breakthrough, etc., so as to learn from and absorb the success of competitors, improve their competitiveness and level, and realize their own development and progress. For example, when Shangpu Consulting Company conducted a competitor survey for a hotel chain enterprise, it found that the competitor's service quality and customer loyalty were very high. The reason was that the competitor adopted a set of perfect customer relationship management system. Through collecting and analyzing customers' personal information, consumption habits, preferences and needs, it provided customers with personalized services and discounts, thus increasing customer satisfaction and return visit rate, so as to provide the enterprise to learn and imitate the competitor's proposal and scheme, improve the enterprise's service quality and customer loyalty.

-Create differences and advantages for competitors. According to the results of competitor research, enterprises should find out the differences and advantages of competitors, such as product innovation, service differences, channel advantages, promotion characteristics, quality advantages, innovation advantages, etc., so as to find out their own differentiation and advantages, provide the uniqueness and value of their own products and services, and increase their market competitiveness and brand influence. For example, when Shangpu Consulting Company conducted a competitor survey for an automobile manufacturing company, it found that the competitor's products have the characteristics of high efficiency, energy saving and environmental protection. The reason is that the competitor adopts advanced hybrid technology, and through the combination of electric motor and internal combustion engine, it realizes the effect of low fuel consumption and low emission, thus providing the company with suggestions and schemes to create and improve its own product differences and advantages, improve the enterprise's product competitiveness and social responsibility.

Conclusion

Competitor research is an important market research activity, which can help enterprises understand the market environment and competitive situation, formulate their own competitive strategy and marketing strategy, find potential business opportunities and innovation points, improve their competitiveness and level, and achieve their own market goals and profit goals. When conducting competitor research, enterprises should pay attention to determine the objectives and scope of the research, collect research information, analyze the research information, apply the research results, evaluate the results of the research, and discover business opportunities and innovations in the research. As a professional consulting service organization, Shangpu Consulting Company has rich experience and ability in competitor research, provides high-quality competitor research services and programs for many customers, and helps customers achieve excellent results and reputation in the fierce market competition.