The Importance of Segregation of Competitors Business Strategy – Assignment Example
Question 1: We try to segregate information on competitors’ short term strategies and long term strategies.
This is very significant to know what competitors are planning for short and long run, how this can affect the future needs and demands of the company and should the company take any proactive step to deal with the same. Short term strategies can result is fad or lead to fashion. A successful fad of competitor can significantly change the profit margin of the company and substantial amount of market share. This aims at collecting information on the tactical strategy of the competitor intelligence.
Question 2: We keep track of sales promotions activities of our nearest competitor (s).
The sales promotional activities specific to certain market and product will help company to identify which promotional strategy is effective among different consumer groups. This will also help in identify if promotional activities of competitor would be affecting the market share of the product of the company. This aims at collecting information on the tactical strategy of the competitor intelligence.
Question 3: In order to identify new market and new segments, we also follow competitors so that we do not miss any opportunity.
Competitor’s strategy so to particular market and market segments can provide information on the potential of new market and products. This focuses on the business environment of the company in order to identify the new market segment. The new market and new product for old market requires innovation and creativity. The organization can track the change of the competitors move to enhance its sales and achieve long term sustainable goals. This focuses on the long term aspect of the competitors’ moves. This allows seeing the changes of the market place at the earliest and helps in incorporating corresponding changes so that market share of the organization is sustained.