- Who are your competitors? Are they the same on a local, regional, national and global level?
- What are the similiarities and differences between the products and services you offer as compared to your competition?
- What are the strengths and weaknesses of their offerings as compared to your own?
- What are key their differentiators? Opportunities? Threats?
Best of Breed Analysis
When performing assessments of current products, Karlamar Associates go well beyond the typical comparison of product specifications. Spec sheets present the product attributes and features that vendors want to promote, and often do not adequately represent how well the product satisfies actual customer needs. Linking competitive product analysis directly to the needs articulated by the customer helps you to:
- Assess how well your competitors currently satisfy customer needs for the total offering
- Identify needs that are currently unmet by competitors, which could become potential areas for differentiation
- Identify the level of performance considered "Best of Breed" today, in order to project what it will be in the future
- Identify which needs are currently satisfied by which competitors
- Identify which competitor provided the largest percentage of the total offering
Competitive Value Chain Analysis
In addition to comparing product and service offerings, it is also important to keep a watchful eye on your competitor's organization, identifying core competencies, and determining their capability to operationalize key strategies. Some areas to monitor include key technologies and manufacturing processes, distribution channels, marketing and sales strategies, partnerships and alliances, management culture, critical skills, infrastructure and financials. This information is valuable when trying to predict future competitive behavior.
Technology Roadmapping
To stay competitive, it is important for you to track relevent technologies, including what needs they satisfy, how they are applied, who is applying them and how they change over time. This not only provides a current and historic perspective of the technologies, but may also provide insight to predict future competitive behavior and trends. Technology roadmaps help us to envision the possible futures available to decision makers. The roadmapping process also provides a means to identify, evaluate, and select technical alternatives.