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FREE online courses on Competitive Strategies - A Model of Competitive Rivalry - Questions

 

There are several key questions to ask before we can identify and understand our competitors as given below:

 

  1. What are the major competitors' strengths?
  2. What are the major competitors' weaknesses?
  3. What are the major competitors' objectives and strategies?
  4. How will the major competitors most likely respond to current economic, social, cultural, demographic, geographic, political, governmental, technological, and competitive trends affecting our industry?
  5. How vulnerable are the major competitors to our alternative company strategies?
  6. How vulnerable are our alternative strategies to successful counterattack by our major competitors?
  7. How are our products or services positioned relative to major competitors?
  8. To what extent are new companies entering and old companies leaving this industry?
  9. What key factors have resulted in our present competitive position in this industry?
  10. How have the sales and profit rankings of major competitors in the industry changed over recent years?  Why have these rankings changed that way?
  11. What is the nature of supplier and distributor relationships in this industry?
  12. To what extent could substitute products or services is a threat to competitors in this industry?

 

No matter how we define our competitors, the fact remains that there are other organizations working hard to secure customers, resources, and other desired outcomes. Each of these organizations has resources and capabilities it's attempting to exploit.

 

The question is what makes some organizations more successful than others? Every organization has resources and work systems/processes to do whatever it's in business to do. However, not every organization is able to effectively exploit the resources or capabilities it has or to obtain the resources or capabilities it needs but doesn't have. Organisations will develop strategies to exploit their current resources and capabilities or to vie for needed-but-not-owned resources and capabilities in order to pursue and attain desired outcomes such as customers, market share, resources, and so forth. As organizations strive for a sustainable competitive advantage, the stage for competition is set.

 

In attempting to create a sustainable competitive advantage, organizations are looking for ways to set themselves apart. They do this through their choice of competitive strategy-that is, the choice of how an organization or business unit is going to compete in its particular industry or market.

 

What is the choice of competitive strategy based on? It's based on the competitive advantage(s) that the organization has been able to develop. As an organization refines and sharpens its sustainable competitive advantage (whether found in resources, capabilities, or core competencies), the basis for the competitive strategy is established.

 

 

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