How do marketers identify and analyse competition?
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Transcript of How do marketers identify and analyse competition?
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How do Marketers Identify and analyze
Competition??
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•Competitive Frame of Reference
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The competitive frame of reference defines which other brands a brand competes with and therefore which brands should be the focus of a competitive analysis.
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Identifying Competitiors
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Start by determining category membership
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CATEGORY MEMBERSHIP The products or set of products with which a brand competes and which function as close substitutes.
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Examples
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Energy Bars
Luna Bars(Women)
Balance(Protein Bars)
Priya(Calorie Control Bar)
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ANALYSING COMPETITORS
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A company needs to gather information about each competitor’s real and perceived weakness.
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POINTS OF DIFFERENCE AND POINTS OF PARITY
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Points-of-difference (PODs) are attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand.
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EXAMPLES
Easy-to-useIrreverent attitudeDesign
PerformanceInnovative TechnologyWinning
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YOUR BRAND SHOULD BE
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1) Desirable to Customer2)Deliverable by the Company3) Differentiating from
competitiors
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POINTS OF PARITY
Category points-of-parity are attributes or benefits that consumers view as essential to a legitimate and credible offering within a certain product or service category.
In other words, they represent necessary—but not sufficient—conditions for brand choice.
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VISA has established a strong point of difference versus American Express on the basis of its acceptability.
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DISCLAIMER
Created by Ankur Agrawal, IIT Kanpur, during an internship by Prof. Sameer Mathur, IIM Lucknow.www.IIMInternship.com