Competitor analysis Importance of competitor analysis and intelligence For a business to be successful it is critical to continue gathering competitor information and keep an eye out for their strategy and ways of approaching the market. This not only helps in protecting the market share of the business but also provides opportunities if gaining more market share and attempts to displace the completion to gain supremacy in the market space. The task Investigate the competition in the UK wedding organisation business and the competitors offering green wedding services.
Objectives •Highlight the competitors in the green wedding market space, understand their market strategy and market share •Highlight strengths and weakness of the competition to allow manor house to develop the correct approach and promo strategy Target research Initial identified competitors offering green wedding services in the UK and and the regions where Manor House is based. Methodology •Look up competitors in the area by researching on the internet or looking at magazines and newspapers •Visiting their venues and seeing their capabilities Asking your customers and clients about feedback on the competition •Pose yourself as a customer of the competition and experience their service first hand •Gather info on market share and strategy of each competitor and do a Swot analysis for each competition analysing there impact on your business today and in the future Responsibility The competitor analysis will be carried out by manor house employees in – house and external sources like internet and acting as a customer of the competition gathering information from collateral of services being provided by the competitors.
Budget The budget for doing competitive analysis should be around 200 pounds mainly required gathering information from various external sources. Timelines The research project and analysis should be completed in the next one month in time to share the results with the other market research and customer surveys reports. Process •Determine who your competitors are •Gather the information about your competition that you need for the competitive analysis. This can be the hard part.
While you can always approach your competitors directly, they may or may not be willing to tell you what you need to know Questions requiring answers about competition •Who is the competition? •What is the market share of the competition? •Why do customers buy from them? •What wedding services do they offer? •Do they target any specific niche market if yes which? •What are the price points for various services from the competition? •What do the competitors use as USP for their services?