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What is the difference between the company and competition ??
#marketing #competence
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Bella’s Answer
Great question Ximena! Conducting a competitive market analysis allows you the opportunity to learn the ins and outs of your competition. You will gain insights about their products, sales and marketing tactics. These insights help you with implementing stronger more efficient business strategies and in turn hopefully more market share. A unique value proposition (UVP) or unique selling proposition (USP) is a specific statement that describes the benefit you offer, how you solve your client's needs, and what separates you from the competition. Some methods for determining your USP below:
- List the unique features and benefits for your product or service
- Determine if there is an emotional need that is met by your product or service
- Identify aspects of your product or service that cannot be duplicated
- Create short phrases that clearly communicate to your customer your unique product or service
- List the unique features and benefits for your product or service
- Determine if there is an emotional need that is met by your product or service
- Identify aspects of your product or service that cannot be duplicated
- Create short phrases that clearly communicate to your customer your unique product or service
I started typing a response but realized Bella summarized everything I was going to say. This is a great response.
John Noonan
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Jose’s Answer
Company typically refers to the company for which you work. The competition is other companies that provide the same services or products, and that compete with your company for business.
For example, if you work for Nike (i.e., Nike is your company), Adidas and Reebok are your competition.
For example, if you work for Nike (i.e., Nike is your company), Adidas and Reebok are your competition.
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Melanie’s Answer
That is the question! The key to a company - or even personal success - lies on that answer. Assuming the difference is a positive one for your company :)
As I understand, companies can generally position themselves in three main areas: price, quality, or innovation. and once you pick one of these, the other two would, to a certain degree suffer. Consider being the most technologically advanced (think Apple?) you cant really be the lowest price competitor, though they do a good job at quality. Still many time innovators struggle with quality due to the newness of their product (consider Tesla). Conversely, if you are the price king, your quality or your innovation may suffer (consider Walmart, and the difference between shopping for groceries there and at a Whole Foods, if you know that store). The thing is what position do you want to take? And in answering that question, I would consider my market opportunities for sure.
Hope this helped!
As I understand, companies can generally position themselves in three main areas: price, quality, or innovation. and once you pick one of these, the other two would, to a certain degree suffer. Consider being the most technologically advanced (think Apple?) you cant really be the lowest price competitor, though they do a good job at quality. Still many time innovators struggle with quality due to the newness of their product (consider Tesla). Conversely, if you are the price king, your quality or your innovation may suffer (consider Walmart, and the difference between shopping for groceries there and at a Whole Foods, if you know that store). The thing is what position do you want to take? And in answering that question, I would consider my market opportunities for sure.
Hope this helped!
Updated
Margaret’s Answer
One useful tool in undertanding your company to the competition is to develop a competitive matrix(s) based on key attributes (e.g. price, quality, technology, distribution etc) to see where you and your competitors fit in the matrix(s). You need to understand the industry and market dynamics. Then assess: does your company's marketing and product strategy align to your posistion in the matrix? Are you where you should be in the matrix? What strategies would you need to implement to move in the matrix? Where do you have a competitive risk? Where do you have an advantage? Who are your top competitors based on your strategy?