|Akar Scarf - the uprising Shawl|
Method of analyzing competitors or competitors analysis has always been a mistake to many companies despite corporate or small size or even individual entrepreneurs.
The question is “ Have I done right in analyzing the competitors? How could I ensure my methodology is right? “ Another question is, how many competitors do we need to analyze?
For example, if we are having a café in Setiawangsa or even in Bangsar; the questions are:
1 Who are our competitors?
2 How many?
3 Will the companies in Penang or Singapore which is 300 km away is also our competitors?
From my perspective, before we study our competitors, it is important to study in a right methodology.
A good propose method is drawn below where it is a mix of Marketing Principle and Marketing 3.0 of Kotler, and Strategy by Thomson. These could be currently a good mixture of flow process to develop external environment analysis, which leads to competitor’s analysis.
Along this process it is crucial to undertake some other process to be inserted as an additional initiatives such as KSF (Industrial Key Success Factor) during the process of external analysis. The idea is that we should not be rigid to the chart.
1. Fashion Industry – Focus on Shawl
2. Food Industry – Café for Coffees (similar to Old Town White Coffee or Starbuck)
3. Service Industry – Marketing Company to market products for other company or companies)
Words: 2,500 – 3000 words
You are required to select a medium to small business entity and evaluate what are the right strategy should be adopted by the company. Justify your judgment. Selection of company must be based on industry above (in assignment).