Competitor Analysis Worksheet
Understanding this form
The Competitor Analysis Worksheet is a valuable tool for companies to evaluate and compare their products or services against those of their competitors. This form facilitates the process of defining who your competitors are and analyzing different aspects of their offerings, such as strengths, weaknesses, pricing, and marketing strategies. Utilizing this worksheet enables businesses to make informed decisions based on market dynamics and competitive positioning.
Key parts of this document
- Competitor identification fields: Specify the names and locations of your competitors.
- Annual sales information: Gather data on your competitors' financial performance.
- Management and ownership details: Identify major managers and board members, along with ownership structures.
- Strengths and weaknesses assessment: Evaluate what your competitors do well and where they may fall short.
- Product line comparison: Examine how their products compare with yours in various aspects.
- Pricing structure analysis: Analyze how your competitors price their offerings.
- Marketing activities overview: Understand the marketing strategies employed by competitors.
When to use this form
This worksheet is beneficial when a business is looking to enhance its market position or when preparing for a new product launch. If you are uncertain about your place in the market or need to understand what differentiates your offerings from those of competitors, this form is ideal. It can also assist in strategic planning, helping businesses stay ahead in a competitive landscape.
Who this form is for
This form is suitable for:
- Business owners and entrepreneurs seeking to enhance their strategic planning.
- Marketing managers tasked with analyzing market competition.
- Product development teams looking to differentiate their offerings.
- Consultants assisting businesses in competitive strategy development.
Steps to complete this form
- Identify each competitor you wish to analyze and fill in their name and location.
- Research and enter annual sales figures for each competitor.
- List key management personnel and the company's ownership structure.
- Evaluate and record the strengths and weaknesses of each competitor.
- Compare their product lines against yours, noting similarities and differences.
- Assess their pricing and marketing strategies and fill in relevant details.
Does this form need to be notarized?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Common mistakes
- Failing to thoroughly research competitors, leading to incomplete analysis.
- Not updating the worksheet regularly as market conditions change.
- Overlooking secondary competitors that may impact your market position.
Why complete this form online
- Immediate access to a structured template for comprehensive competitor analysis.
- Editability allows for quick updates as new information becomes available.
- Reliable content developed by licensed attorneys ensures accuracy and relevance.
Form popularity
FAQ
Start with the Flagship Product. Benchmark Your Own Products. Go Deep on the Website. Watch Videos. Get the Real Story from Customers. Include Marketing, Not Just Product. Track Changes to Identify Product Direction.
Identify your competitors. Examine your competitor's website & customer experience. Identify your competitor's market positioning. Take a peek at pricing. Problem solve for shipping. Take a temperature check with reviews. Review social media.
A Complete List of All Your Competitors. Product Summary of Your Competitors. Strengths and Weaknesses of the Competition. The Outlook of the Market. Direct. Indirect. Potential New Entrants. Discovering All the Comparative Advantages.
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Identifying your competitors. Obtaining information about your competitors. - Brand awareness - the % of your target market that are aware of your competitors. Evaluating their strategies. - Determine their strengths and weaknesses relative to your brand's.
Identify your competitors. Examine your competitor's website & customer experience. Identify your competitor's market positioning. Take a peek at pricing. Problem solve for shipping. Take a temperature check with reviews. Review social media.
Get organized. Competitive landscape analysis example. Identify your competition. Analyze their content. Monitor their social media. Analyze their marketing strategy and offers. Evaluate their offers and pricing. Determine their positioning. Use frameworks: SWOT the PEST.
Competitive analysis Define the industry scope and nature of the industry. Determine who the competitors are. Determine who the customers are and what benefits they expect. Determine the key strengths for example price, service, convenience, inventory, etc.
Identify your competitors. Examine your competitor's website & customer experience. Identify your competitor's market positioning. Take a peek at pricing. Problem solve for shipping. Take a temperature check with reviews. Review social media.
