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Competitor Analysis

Competitor Analysis

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Competitor Analysis

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  1. Competitor Analysis Management Level – Paper E2 Project and Relationship Management Lecture - 012 Vidya Rajawasam ACMA CGMA MBA

  2. Competitor Analysis In our previous lecture, we have discussed the • Competitor information • Types of information • Sources of information

  3. Competitor Analysis In this lecture, we will discuss about • Types of Research • Benchmarking • Big Data

  4. Competitor Analysis Types of Research Qualitative Research Qualitative research involves collection and analysis of non- numerical data. The research focuses more on whydecisions instead of what, where and when decisions associated with quantitative analysis.

  5. Competitor Analysis Types of Research Qualitative Research Basically, Qualitative research tries to gain insight into peoples attitudes and behaviors. The research focuses on why customers prefer one product or brand over another.

  6. Competitor Analysis Types of Research Qualitative Research This type of research is largelysubjective and could be difficult to undertake, but can provide valuableinformation for decision making. Example, research on Brand perception

  7. Competitor Analysis Types of Research Qualitative Research In depth understanding of customer preferences and attitudes obtained through the research activities can be used for product development and marketing strategy development.

  8. Competitor Analysis Types of Research Qualitative Research The Negative aspect of this research is related to high costs involved in employing specialist agencies to carry out the research.

  9. Competitor Analysis • How to undertake Qualitative Research There are number of ways in which this type of research can be undertaken; Observation, customers or competitors can be observed with reference to how they buy/sell/use the products.

  10. Competitor Analysis How to undertake Qualitative Research There are number of ways in which this type of research can be undertaken; Interviews, The customers can be directly interviewed and the procedure helps to obtain more detail insight views about their attitudes and preferences.

  11. Competitor Analysis How to undertake Qualitative Research There are number of ways in which this type of research can be undertaken; Interviews, It is also possible to interview ex- employees of competitors. But care must be taken to not to breach confidentiality rules.

  12. Competitor Analysis How to undertake Qualitative Research There are number of ways in which this type of research can be undertaken; Focus groups, The procedure involves selecting a group of individuals who represent a target market.

  13. Competitor Analysis How to undertake Qualitative Research There are number of ways in which this type of research can be undertaken; Focus groups, Focus on researching on the groups by way of direct questioning to understand their preferences and attitudes towards products they use. This method is useful for testing out new product ideas.

  14. Competitor Analysis How to undertake Qualitative Research There are number of ways in which this type of research can be undertaken; Analysis, This method involves the interpretation of data gathered from research into meaningful information which the firms can use for developing products, developing markets and setting new strategies.

  15. Competitor Analysis • Quantitative Research The Quantitative research tries to answer What, Where and When questions. The answers to these questions will be factual and numerical. Example, the number units sold for a particular product or value of sales for a product for specific period.

  16. Competitor Analysis • Quantitative Research The statistical methods like ratios, trend analysis can be used to analyze data. The typical financial analysis of a firm would include a study of the operating statements for 3-5 years.

  17. Competitor Analysis • Quantitative Research The types of financial analysis include; Trend Analysis of sales, profit margins, EPS, return on investment (ROI), liquidity ratios and comparison against the industry standards.

  18. Competitor Analysis • Quantitative Research Non Financial quantitative analysis Another important aspect of quantitative analysis is collection of non financial data. Example, number of customers, customer complaints, customer services provided, time between order & delivery and comparison against the competitors data.

  19. Competitor Analysis • Quantitative Research Rankings and Ratings Once the quantitative data is collected, the next step would be to rank and rate them according to competitors. Each competitor is assigned with a score / weight for each product/service. Each score / weight may be assigned, according to importance to the firm.

  20. Competitor Analysis Review MCQs There are number of ways a qualitative research can be carried out, what are the correct statement/s related to this type of research? • Ranking & rating • Observation • Interviews • Focus groups

  21. Competitor Analysis Review MCQs There are number of ways a qualitative research can be carried out, what are the correct statement/s related to this type of research? • Ranking & rating • Observation • Interviews • Focus groups

  22. Competitor Analysis Review MCQs Quantitative research focuses on ? • Factual and numerical data. • Interviewing customers • Financial analysis • Marginal costing

  23. Competitor Analysis Review MCQs Quantitative research focuses on ? • Factual and numerical data. • Interviewing customers • Financial analysis • Marginal costing

  24. Competitor Analysis Benchmarking Benchmarking involves looking outward (outside a particular business, organization, industry, region or country) to examine how others achieve their performance levels, and to understand the processes they use.

  25. Competitor Analysis Benchmarking Benchmarking helps to explain the processes behind excellent performance. When lessons learned from a benchmarking exercise are applied appropriately, they facilitate improved performance in critical functions within an organization or in key areas of the business.

  26. Competitor Analysis Benchmarking The application of benchmarking involves four key steps: • Understand in details of existing business processes • Analyze the business processes of others

  27. Competitor Analysis • Quantitative Research Benchmarking The application of benchmarking involves four key steps: • Compare own business performance with that of others analyzed • Implement the steps necessary to close the performance gap

  28. Competitor Analysis • Quantitative Research Benchmarking Benchmarking should not be considered a one-off exercise. To be effective, it must become an integral part of an ongoing improvement process, the goal being to obtain abreast of ever-improving best practice.

  29. Competitor Analysis • Quantitative Research Types of Benchmarking This is a summary of the different types of benchmarking: Strategic Benchmarking Used when businesses need to improve overall performance, strategic benchmarking examines the long-term strategies and focuses on approaches that have enabled high-performers to succeed

  30. Competitor Analysis • Quantitative Research Types of Benchmarking Strategic Benchmarking • Related to competitor analysis • Market share analysis • Return on assets analysis • Gross profit margin on sales analysis

  31. Competitor Analysis Types of Benchmarking Functional Benchmarking Businesses look to benchmark with partners drawn from different business sectors or areas of activity to find ways of improving similar functions or work processes Can lead to innovation and dramatic improvements

  32. Competitor Analysis Types of Benchmarking Functional Benchmarking • Percentage of deliveries • Order costs and per order costs • Order turn around time • Average stock holding per order

  33. Competitor Analysis • Big Data What is big data ? Big data refers to handling large volumes of data beyond normal processing, storage & analysis capacity of typical computer database application tools. Generally, the size of the data can be about petabytes or exabytes

  34. Competitor Analysis • Big Data What is big data ? The commercial examples can be huge amounts of unstructured operational data, sales & marketing data and financial information etc..

  35. Competitor Analysis • Big Data What is big data analytics? Big data analytics is the process of examining large data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information.

  36. Competitor Analysis • Big Data What is big data analytics? The analytical findings can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits.

  37. Competitor Analysis • Big Data The three V’s of defining characteristics of Big Data Velocity, The data streaming from certain sources of media sites cannot be processed and analyzed to generate meaningful information due to huge volumes being generated and the speed of generation.

  38. Competitor Analysis • Big Data The three V’s of defining characteristics of Big Data Volume, Due to significant amounts of data being generated through various sources data creates huge volumes of data at unimaginable levels.

  39. Competitor Analysis • Big Data The three V’s of defining characteristics of Big Data Variety, Traditionally data was structured in a similar and consistent formats such as Excel spread sheets and Standard Databases. The current data generation include rich texts, audio data, video data and GPS data.

  40. Competitor Analysis • Big Data How big data can be used in competitor analysis • Consumer facing organizations can monitor data generated from social media sites to gain insights into customer behavior and preferences. • Manufacturing companies can monitor data generated from their equipment to determine usage and wear & tare.

  41. Competitor Analysis • How big data can be used in competitor analysis • Health organizations, can monitor patients records and admission data to identify risks related to recurring problems and intervene to avoid further involvement of hospitals. • Financial Services organizations, can monitor activities of certain customer segments and accurately target for promotions.

  42. Competitor Analysis Review MCQs What is true related to benchmarking ? • A costing exercise • Lower level management tool • No need to carry out consistently • Compare own business performance with that of another.

  43. Competitor Analysis Review MCQs What is true related to benchmarking ? • A costing exercise • Lower level management tool • No need to carry out consistently • Compare own business performance with that of another.

  44. Competitor Analysis Review MCQs What is true related to Big Data? • Handling large volumes of data • Require small storage capacity • Always contain very structured data • Non of the above

  45. Competitor Analysis Review MCQs What is true related to Big Data? • Handling large volumes of data • Require small storage capacity • Always contain very structured data • Non of the above

  46. Competitive Advantage Lecture Summary We have discussed the • Types of Research • Benchmarking • Big Data

  47. Competitor Analysis Management Level – Paper E2 Project and Relationship Management Lecture - 012 Vidya Rajawasam ACMA CGMA MBA