Competitive Landscape Analysis (Part 1)

Synopsis

Develop a fierce competitive strategy as you evaluate not only your direct but also secondary competitors with our Competitive Landscape Analysis (Part 1) presentation. Competitive landscape analysis helps you see how you differ from your competition, better communicate this contrast to your customers and target marketing and sales more efficiently as you become aware of your competitors' limitations.

Questions and answers

Can you compare Competitive Landscape Analysis with other market analysis frameworks?

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Competitive Landscape Analysis and other market analysis frameworks like SWOT, PESTEL, and Porter's Five Forces all aim to understand the market dynamics and the company's position within it. However, they differ in their focus and approach. Competitive Landscape Analysis primarily focuses on understanding the strengths and weaknesses of the competitors in the market, their strategies, and their limitations. It helps in identifying opportunities and threats in the competitive environment and in formulating strategies to gain a competitive edge. On the other hand, SWOT analysis is a broader framework that not only considers competition but also internal factors like company's own strengths and weaknesses. PESTEL analysis focuses on the macro-environmental factors affecting the market. Porter's Five Forces analysis looks at the competitive forces shaping the industry including competition, threat of new entrants, bargaining power of suppliers and buyers, and threat of substitute products or services.

How does Competitive Landscape Analysis help in identifying the limitations of competitors?

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Competitive Landscape Analysis helps in identifying the limitations of competitors by providing a comprehensive view of the competitive environment. It allows you to evaluate not only your direct competitors but also secondary ones. By understanding how you differ from your competition, you can better communicate this contrast to your customers. Moreover, it enables you to target your marketing and sales more efficiently as you become aware of your competitors' limitations. This awareness can help you exploit their weaknesses and improve your own strategies.

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Slide highlights

Use this slide to communicate the benefits of competitive landscape analysis to your team. These include identifying your own and your competition's strengths and weaknesses and identifying where you stand out.

With this slide, share your findings and data about the current state of international competition. Introduce the information by region and let your stakeholders know how you can use the data to be more competitive globally.

The Kano Model helps you measure customer satisfaction with your product. This slide will allow you to demonstrate what you learned about the state of your clients' happiness and how to apply it to your product or service improvement.

Overview

"A Competitive Landscape Analysis gives businesses a comprehensive view of their industry terrain. Without taking a moment to look around at what everyone else is doing, you're likely to miss a key opportunity, or be left behind as your competitors outpace you in their response to market demands," per a marketing agency, Build Create. The main benefits of creating competitive landscape analysis, the Build Create team says, are:

Questions and answers

What insights can a Competitive Landscape Analysis provide about industry trends and opportunities?

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A Competitive Landscape Analysis can provide valuable insights about industry trends and opportunities. It gives businesses a comprehensive view of their industry terrain, helping them understand their position in the market compared to their competitors. This analysis can reveal key opportunities that might be missed otherwise, and can prevent a business from being left behind as competitors respond to market demands. It can also help businesses fine-tune their objectives and approaches, ultimately saving hours of work.

How does a Competitive Landscape Analysis contribute to business strategy?

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A Competitive Landscape Analysis contributes to business strategy by providing a comprehensive view of the industry terrain. It allows businesses to understand their position in the market by comparing themselves against their competitors. This analysis can help businesses fine-tune their objectives and approaches, identify key opportunities, and respond effectively to market demands. Without such analysis, businesses risk being left behind as competitors may outpace them in responding to market changes.

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• Competitive landscape analysis helps you to become more self-aware as a brand
• It defines areas of weakness and opportunity in the market
• Such analysis shows you where you can stand out from the pack of competitors
• It helps to identify small ways to signal who you are within your industry
• It eliminates surprises from the competition
• Most importantly, if you don't have an eye on the competition, you're running blind

Application

Here are the steps for creating a successful competitive landscape analysis, per product management solution platform, OutCry:

Expert advice

"Whenever I've asked senior executives to map the positions of their company's brands and those of key rivals, we end up confused and dismayed," Richard D'Aveni, the Bakala Professor of Strategy at Dartmouth College's Tuck School of Business, shares. To solve this problem, D'Aveni came up with a tool companies could capture competitive positions graphically to serve as the basis for strategy discussions. He calls this tool "a price-benefit positioning map."

Questions and answers

Why is it important to limit the geographic scope of the analysis in a Competitive Landscape Analysis?

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Limiting the geographic scope of the analysis in a Competitive Landscape Analysis is important because customers, competitors, and the way products are used can differ widely across borders. By focusing on a specific region or country, you can gain a more accurate and detailed understanding of the competitive landscape. This can help you identify key players, understand market trends, and assess the strengths and weaknesses of your competitors within that specific area.

How does understanding consumer needs contribute to a successful Competitive Landscape Analysis?

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Understanding consumer needs is crucial to a successful Competitive Landscape Analysis because it helps identify the boundaries of the market of interest. By understanding what consumers need, a business can identify potential products and services that satisfy those needs. This prevents the business from being blindsided by new entrants, technologies, or unusual offerings that cater to those needs. It also helps in deciding the geographic scope of the analysis and whether to track the entire market for a product or only a specific segment.

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Here's what D'Aveni recommends to do to draw effective positioning maps:

Define the market

To draw a meaningful map, you must specify the boundaries of the market in which you're interested. Identify the consumer needs you wish to understand. You should cast a wide net for products and services that satisfy those needs, so you aren't blindsided by fresh entrants, new technologies, or unusual offerings that take care of those needs. Next, choose the country or region you wish to study. It's best to limit the geographic scope of the analysis if customers, competitors or the way products are used differ widely across borders. Then decide if you want to track the entire market for a product or only a specific segment if you wish to explore the retail or wholesale market, and if you're going to track products or brands.

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Choose the price and determine the primary benefit

Specify the scope of your analysis of prices, D'Aveni says. You have implicitly decided whether to study retail or wholesale prices when you choose which market to focus on, but you must also consider other pricing parameters. Choose whether to compare initial prices or prices that include life cycle costs, prices with transaction costs or without them, and the prices of unbundled or bundled offers. These choices depend on the yardstick that customers use in making purchasing decisions in the market under study. Remember to be consistent about the price definition you use while gathering data, D'Aveni warns.

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Plot positions and draw the expected-price line

When the primary benefit is identified, draw a positioning map by plotting the position of every company's product (or brand) in the marketplace in accordance with its price and its level of primary benefit. Finally, you must draw the expected-price line – the line that best fits the points on the map and shows how much customers expect to pay on average to get different levels of the primary benefit.

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