Created
October 13, 2017 02:13
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Identify the current and potential competition. This can be done from the customer’s point of view (e.g. those companies vying for the customer’s business) and from the business’ perspective (e.g. those companies using similar strategies). | |
Determine five strategic areas in which you are competitive. Zenos chose sustainability, product quality, media, customer service, and price. | |
Create a competition matrix. Down the left side column write the names of your five major competitors. Across the horizontal axis, list the five strategic areas in which you are competitive (e.g. sustainability, product quality, media, customer service, and price), filling in each box (see table 1 below). Evaluate the strengths and weaknesses of each competitor in relation to the associated strategic area. | |
Review the matrices to determine which areas your company is most vulnerable. Zenos sees pizza as a price competitive product; its competitive position is threatened if its quality and community appeal do not attract sophisticated, food conscious buyers. | |
Determine where the gaps are in the competitive matrix. |
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