5-Competitive Analysis

 

Background: 

  • Competitive analysis involves identifying competitors, and evaluating their strategies to determine their strengths and weaknesses relative to a company’s own product.
  • Who are the competitors?
  1. Shop It To Me – https://www.shopittome.com/
  2. Bluefly – http://www.bluefly.com/about-us
  • 6pm – http://www.6pm.com/
  • What products do they sell?

They sell Brand name products such as Gucci, Coach, UGG online

  • What are their past and current strategies?

Selling brand names at competitive prices

  • What are their strengths and weaknesses?

Strengths are selling top brands at competitive prices online.

Weakness is limited availability of products or products in specific color and or sizes

  • What threats do the competitors pose?

Losing the customer to other retailers due to lack or product availability or satisfying specific requirements such as color and sizes.

  • Why is understanding the competitive landscape important to a firm?

Competitive landscape is a form of analysis that helps a business identify its primary online and offline rivals. For example, a competitive landscape analysis might start with an attempt to identify and understand competitors, followed by an analysis of their strengths and weaknesses and how the target business can improve upon what its competition is doing.

Use competitive landscape in a sentence

  • Today there are so many sources of social media that it is important to take a look at the competitive landscape when starting up a new venture in this area to improve on what is already out there.
  • You need to understand how the competitive landscape of the business world will affect the ways that you work with others.
  • The competitive landscape was something to look out for and it made us really nervous to work with other companies.

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