Competitive assessment allows organizations to identify the competitors
in their market and how they can compete against them.
The following points are important while performing a competitive assessment:
- Identify similar products/services in the market that are direct competitors to
your product/service.
- Compare your product/service to these products/services (i.e. features, service,
quality, price, distribution, brand, etc.).
- Describe the companies that produce these products/services.
- Describe the concentration within the market (i.e. large number of small players
or small number of large players).
- Describe the current competitive intensity within the market (cutthroat competition
or live and let-live).
- Describe the ease of entry of competitors into this market (can competitors easily
enter the market and driving prices down).
- Describe how you will compete against these competitors and their products –
i.e. low cost, niche market, product differentiation, etc.