Term Paper

Analyze current competitors.

One way of analyzing current competitors is through market research. Marketing research is an important part of the business environment if you want to introduce a new product or an existing product to the global market. The majority of the people in the business environment understand the basic principle of gaining an advantage over the competition. The basic principle of trying to offer something different, unique, and better than what your competitors are offering, and through this process, learning and understanding the competition. Another way of gaging the competition is through the action of analyzing, collecting, and applying information about customers, products, domain constituents, and competitors for the short-term and long-term planning needs of an organization (Kerin, Hartley, Berkowitz, & Rudelis, 2009). A SWOT Analysis is also a method of analyzing the competition. This process examines the Strengths, Weaknesses, Opportunities, and Threats facing a business. It can also give you insight into your company’s position in the competitive arena. This process will enable you to see how your strengths stack up against your competitor’s weaknesses and suggest ways to take advantage of marketplace opportunities.

Define the competitive landscape for your product or service.

A competitive landscape (also known as “competitive intelligence”) provides cohesive, detailed information on what your competitors are doing. Understanding your competitors-which means any organization that offers the same, similar, or substitute products or services in the business area you operate. Some of the questions that need to be answered are:

* Who your real competitors are

* What their products are

* How you customers perceive the competition

* What your competitors’ business model is

According to the Society of Competitive Intelligence Profession (SCIP), a

competitive landscape is a necessary business...