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Competitor analysis: Sources of competitor data
There is much information available in the public domain that allows a company to analyse its competitors. In 1997 Davidson suggested that the sources of competition information could be placed into three groups.
1. Recorded data. This is data on competitors that already has been published. This data could be internal to the organisation e.g. annual reports or external e.g. newspaper articles or magazine reviews of competitor products.
2. Observable data. This is data collected through observation of your competitors. This could include looking at your competitors marketing mix strategy, product or service ranges.3. Opportunistic data. This data involves the firm talking to those who have or have had contact with the competitor’s suppliers. These people could give inside information on the company. The company could also actively recruit people who worked for their competitors, or head hunt others.
Competitor analysis is crucial if the firm wants to stay ahead. Competitor analysis may give a firm new ideas and help formulate new business strategies for growth and profit. Competitor analysis should stimulate innovation, beneficial for both the firm and the customer.
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Recommended Books
Principles of Marketing by Philip Kotler
Principles of Marketing by Frances Brassington and Stephen Pettitt
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