Methods of conducting competitive analysis
The following methods can be used to conduct a competitive analysis:
SWOT
This is the most popular method of analyzing a personal brand, individual products, and competitors. SWOT is used to determine four basic indicators of any business: strengths, weaknesses, opportunities, and potential threats. The first two parameters relate to the product itself, the last ones to the market. The main advantage of SWOT analysis in competitive marketing is its versatility. This method can be used in any area of business.
Methods of conducting competitive analysis
Porter's Five Forces
When using this method, it physician database is necessary to perform a deep analysis consisting of four stages and five key parameters. The following sequence of actions is used: the long-term goals of the competitor and his motivations are identified, the current strategy of the enterprise is assessed, the position on the market is determined, a forecast is made regarding further actions in the company.
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PEST
This method is based on the study of a number of key indicators that influence any company: politics, economics, society and technology. By conducting such an analysis, you will be able to evaluate your business more objectively. To use the PEST method, you do not need long studies. All data on the current situation can be obtained in the shortest possible time. However, the influence of the human factor is not excluded here, as in the SWOT analysis.
Let's briefly consider the key indicators of this methodology:
Politics refers to the influence of the state on business: elections, adoption of new laws, participation of regulatory bodies .
Among the economic factors, we can highlight inflation and the decline in purchasing power of the population.
Society influences business in the following way: the interests of buyers change over time, and old marketing methods become less and less effective. The company needs to introduce more information products. For example, create training courses, useful video tutorials, etc.
Technology also affects business. New devices are introduced into every industry, making life easier for consumers. Therefore, a modern enterprise needs to keep up with the times and monitor current technological solutions in its nich