Essays on INDUSTRY ANALYSIS and COMPETITION ANALYSIS Research Paper
Industry Analysis and Competition Analysis Industry Analysis 1. Introduction Industry analysis tends to provide adequate knowledge to the marketers regarding the current trends associated with economic condition of a particular marketplace (Greckhamer et al., 2008). A competent and intensive industry analysis involves reevaluating the economic market trends and helps organizations to understand their own position and business performance relative to the similar companies dealing with similar business practices (Lessard, 2003).
1.2. Defining the Business of the Company
In the global consumer electronics, Life Guard Plus is a mobile accessory company with unique features for the smartphone and other multimedia devices users. The business industry in the current consumer electronics products encompasses a wide range of organizations producing variety of mobile phones, multimedia devices and tablets and accessories among others.
1.3. Analyzing the Current Industry Trend
The consumer accessory industry has been recognized to achieve major success with the emergence of smartphone manufacturing business sector. The industry is influenced by a number of factors such as increasing number of competitors; business diversification of the smartphone and multimedia manufacturing organizations and changing economic trend in this respective industry. Beside the challenging factors associated in this particular sector, the business industry in the current consumer electronics accessory has been recognized to achieve continuous growth in terms of potential growth of the consumers along with higher financial performance. In this regard, the industry can be duly identified to achieve major growth in future due to the numbers of cutting-edge products of the multimedia device market leaders. The participants associated with this particular business industry include the organizations dealing with similar types of products. However, innovation and continuous focus on designing accessories with the expectations and desires of the customers can potentially stand in the way of continuous growth of the industry. Moreover, a lower saturation level due to a minimum number of rivals can be regarded as a major factor significantly influencing confidence to successfully enter in this particular industry (Otter Products, LLC, 2014).
1.4. Identifying Major Characteristics of the Industry
Changing market trends can be recognized as one of the major characteristics in the current consumer accessory industry. Moreover, the number of competitors along with significant growth in the global smartphone and multimedia business industry can also be regarded as a major set of characteristics leading to have major influence in this particular business sector (Otter Products, LLC, 2014).
1.5. Defining Suitable Place within the Industry
In order to build long-term competitiveness, adequate focus has been laid on protection, convenience, affordability and reliability of the accessories can be stated as a major set of factors for Life Guard Plus in its respective business industry.
The emerging trend as well as significant growth in the current consumer accessory industry can be considered as a major opportunity for Life Guard Plus. The massive augmentation of smartphone users along with cutting-edge product lines of the manufacturers can substantially help the company to establish its long-term sustainability in this respective business market.
2. Competition Analysis
The concept of competition analysis is defined as a process of critically examining the current major strengths as well as weaknesses of the existing and potential rivals in a particular business industry. It substantially facilitates an organization to formulate competitive strategies and helps to determine potential opportunities and threats within the industry (Fleisher, 2008).
2.2. Defining and Analyzing Competition in Consumer Electronics Accessory Industry
Organizations operating in the accessory industry have been witnessed to provide an extensive numbers of accessories with durability and affordability. However, the unique protective features along with reliability of Life Guard Plus can be a major attribute that can enable the company to obtain competitive position. Moreover, adequate convenience of use along with affordability would also facilitate the company to gain a major advantage than the existing competitors in this respective business industry.
2.3. Direct and Indirect Competition
The completion analysis of Life Guard Plus can be characterized into two categories that include direct and indirect competition. In the context of direct competition, the other accessory manufacturers and marketers are the key factors for Life Guard Plus. On the other hand, the smartphone manufacturers can be considered as the indirect competitors for the company in this respective industry (Hill & Jones, 2012).
2.4. Comparing and Analyzing Competition
The combination of waterproof and portability to use as a wallet would be a major advantageous aspect for Life Guard Plus. In addition, durability and convenience of using the accessory for multiple purposes would also provide the company to obtain large number of potential clients. Nevertheless, adequate options in terms of customizing smartphone cases in accordance with the desires and needs of the customers would also substantially help Life Guard Plus to achieve competitive advantage over its major rivals in this particular business industry.
2.5. Defining Business Competitiveness
Protection of mobile phones from both water and excessive heat along with shatterproof features are the few major attributes of Life Guard Plus that can enable the company to obtain competitive advantage. Correspondingly, adequate convenience of using the accessory as wallet is also a unique feature of the products that can enable it to dominant over the existing rivals. Moreover, providing adequate option to the customers in terms of designing mobile phone cases by Life Guard Plus has facilitated in building competitive advantage (Otter Products, LLC, 2014; Hill & Jones, 2012).
With regard to the competition analysis, it can be stated that the unique set of features in terms of providing adequate protection, convenience and affordability can be regarded as few major attribute of Life Guard Plus to compete in its respective industry.
Fleisher, C. S. (2008). Business and competitive analysis: Effective Application of New and Classic Methods. India: Pearson Education.
Greckhamer, T., Misangyi, V. F., Elms, H. & Lacey, R. (2008). Using qualitative comparative analysis in strategic management research an examination of combinations of industry, corporate, and business-unit effects. Organizational Research Methods 11(4), 695-726.
Hill, C. & Jones, G. (2012). Strategic management: an integrated approach. USA: Cengage Learning
Lessard, D. R. (2003). Frameworks for global strategic analysis. Journal of Strategic Management Education 1(1), 1-12.
Otter Products, LLC. (2014). About OtterBox: Our story. Retrieved from http://www.otterbox.com/our-story/our-story,default,pg.html