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Introduction to Competitive Market Analysis
Learn how to define competitive intelligence and competitive market analysis and how effective businesses utilize these to bolster and reinforce their marketing strategy.Preview the first lesson free — get full access to all 6 lessons.
Advanced Provider : Aileen Smith 6 Lessons · 19m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
To succeed in today’s marketplace, it’s important that businesses understand as much as they can about other businesses that are competing for the same potential customers. It is only by studying and analyzing the market environment that marketers can define a competitive edge that will help a company succeed and grow. In this course, we’ll walk you through the key concepts that will help you plan, conceptualize, and execute a competitive market analysis with the goal of positioning your company for long term success.
In this course, you will learn about benchmarks and some of the key considerations involved when beginning a competitive analysis. We will discuss the history of competitive intelligence gathering— including some of the legal and ethical concerns involved—to ensure you have a thorough understanding of the competitive intelligence framework. We’ll also introduce you to other concepts such as industry classification, key performance indicators, and other data sources for competitive intelligence.
What You'll Learn
- Define the role competitive intelligence and competitive market analysis play in an organization's success
- Explain the benefits that competitive market analysis brings to marketing strategy development
- Describe the different steps in the competitive market analysis (CMA) process
- Identify the legal and ethical issues to consider when gathering competitive intelligence data
- Apply concepts such as industry classification, key performance indicators, and data sources for competitive intelligence
Key Takeaways
- Understanding competing businesses helps marketers define a competitive edge that supports a company's success and growth.
- Studying and analyzing the market environment is the basis for positioning a company for long-term success.
- Competitive market analysis involves benchmarks and key considerations to address when beginning a competitive analysis.
- The history of competitive intelligence gathering includes legal and ethical concerns that shape the competitive intelligence framework.
- Industry classification, key performance indicators, and other data sources support competitive intelligence.
Frequently Asked Questions
What will this course teach me about competitive market analysis?
It walks through the key concepts needed to plan, conceptualize, and execute a competitive market analysis, including benchmarks, the steps in the CMA process, and the legal and ethical issues involved in gathering competitive intelligence.
Does this course cover the legal and ethical side of competitive intelligence?
Yes. It discusses the history of competitive intelligence gathering, including the legal and ethical concerns involved, so you understand the competitive intelligence framework.
What topics and lessons are included?
Lessons include an Introduction, What is Competitive Market Analysis?, History of Competitive Market Analysis, Industry Classifications, Company KPIs, and a Test Your Knowledge section.
What skills does this course help develop?
It supports skills in business analysis, competitive analysis, competitive intelligence, industry analysis, market analysis, and market intelligence.
Who is this course for?
It is aimed at businesses and marketers who want to understand competitors and define a competitive edge to position their company for long-term success.
