Karen Lee, Strategy Specialist at GBC, 2 min read, 7 min video
What Strategic Moves Are Your Closets Rivals Likely To Make Next?
As a business owner, manager or CEO do you ever stop to think about your competitors strategic moves before heading into “battle”?. Equally important to having a company strategy, is knowing the strategic moves of your competitors – this way you’re not flying blind into competitive battle. Knowing something about your key competitors strategic moves allows business owners, managers and CEOs to prepare defensive or offensive strategies with confidence. The question you may have at this point is…”where do I find such information?”. The answer is closer than you think. Dig deep into your memory banks and you will find general information about your competitors. Apart from the competitor himself, how knows more about your company’s rival firms than you do? Second, there are lots of information residing in your staff’s memory banks, the internet, newspaper articles, annual reports and not forgetting, customers.
Now that we agree just how important knowing something about your key competitors strategic moves are, implementing Michael Porter’s Framework for Competitor Analysis in StratPlan was a no-brainer. The framework is simple, which is a fundamental principle of StratPlan. The Competitor Analysis points to four indicators of a rival’s likely strategic moves and countermoves. These include a rivals current strategy, objectives, capabilities and assumptions about itself and the industry. In StratPlan, the framework entails simple questions that once answered (as general or specific as can be answered) creates a strategic profile of the rival firms. The strategic profile provides fundamental clues to your competitors behavioural proclivities which is constructed by characterising the company’s key competitors based on the four dimensions.
Here’s a short video to show you how to analyse your competitors in StratPlan. I hope you find the video useful. Please leave me your comments. I would love to hear from you.
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