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| 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.
Exercise:
Assignment:
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
Font: Arial
Space: 1.5
Presentations:
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).
2 comments:
I never saw any fantastic blog like you i really appreciate your work thank for sharing this.
small business owner
Thank you Isabel
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