FLF is a courier company based in Z Country which presents direct document and parcel express delivery services for commercial customers. It prides itself not only on its reliability but also its service in relation to customer convenience by picking up documents and parcels from its customers' home or business addresses. The company has recognized an excellent reputation for fast collections and on-time delivery. Its vision is to be known as the number single choice and best value courier company for all businesses in Z Country.
Explain the reasons why FLF should undertake competitor analysis
Referring to CIMA's meaning, competitor analysis is concerned with the identification and quantification of the relative strengths and weaknesses of a company, when compared with its competitors or potential competitors, which will be of meaning in the development of a successful competitive method.
Developing on the themes contained within this meaning, collecting information on competitors will enable FLF Company to appreciate its own competitor advantages and drawbacks relative to its competitors. Undertaking competitor analysis will also assist FLF Company in predicting the potential future methods of its competitors and help it in explaining what it should do to counteract competitor strategies. In addition, it would also help FLF Company to improved understand the possible reactions of competitors to its own strategic decisions made to sustain its competitor benefit.