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Unit Purpose and Aims
The purpose of this unit is to;
The learner will be taken through a process that enables them to produce effective competitor analyses. This will be focussed on the creative business sector and will be driven by analysis of exemplars. The learner will be given an example agency to work from.
Learning Outcomes
Learners will;
1. Understand how to identify and analyse competitors.
Learners can;
1.1 Research who competitors are and what they offer.
1.2 Describe how competitors price their services and/or products
1.3 Analyse what the profile and numbers of their competitors’ customers are.
1.4 Analyse what their competitors’ competitive advantages and disadvantages are compared with their own
1.5 Describe what the reaction to a new entry into the market or any product or price changes might be
2. Understand key resources
2.1 Identify and catalogue key resources, tools and methods that may help produce a competitor analysis
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context through which to identify opportunities and threats. Competitor profiling coalesces all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment.
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