S is enrolled on T Company's management development programme. Although S has a financial background, the aim of the management development programme is to help him to gain a better appreciation of the external and competitive environment in which T Company =operates. As part of the management development programme, S has been asked to make a presentation to his peers on the significance of undertaking competitive analysis and the types of information that require to be collected for this purpose.
Explain what S's presentation should include on:
why undertaking competitive analysis is important.
In explaining why undertaking competitor analysis is significant, the presentation should include :-
- The overriding purpose of gathering competitor intelligence is to recognize the specific competitive benefit of rival organisations. This would help the company in developing a better understanding of strengths and weaknesses of its potential competitors and to assist predict competitor behaviour.