By Sharon Ramsey
Video Link: https://youtu.be/bE0t6XaKuKE
Competitive analysis is pivotal for a business organisation to develop strategies for survival in today’s highly competitive environment. The analysis reveals competitors’ strengths and weaknesses and enables the organisation to design practices to perform better than them.
Mr. Ravi through this lecture focuses on the necessity of creating a competitive marketing analysis. It's not necessary that a product with high price would generate more profit neither its necessary that a product with too low price would sell more. Thereby the essential task for the business is to do a comparative analysis of the price of the product that it aims to sell in the market with the other producers that are selling similar products. Hence, creating opportunities for themselves to give the best alternatives to the customer.
Businesses all around the world want to grow and become pioneers in their industry. All these businesses have goals and objectives they want to achieve but these objectives remain objectives unless good market research is implemented. The aim of understanding where a business should position itself in the market can be raised through the careful study of the price, strengths and weaknesses of the competitors. Doing this, the business gets to the deep clarity of gaps that they can capitalize upon and establish a platform for the customers to buy better products and services.
The profound knowledge about the market helps the organisation’s ability to cater to its client the best services and project itself as a profitable business. Analysing the performance of your own marketing campaigns and understanding why clients are seeking alternatives will help to improve and adopt best practices to create a competitive edge in the market.
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