PHAMOUS BEAUTY SKIN CARE

Phamous Beauty Skin Care

1) Market Research

Give a detailed and in-depth assessment of the market’s competition. Include not only the businesses that directly compete with you (those that provide a very similar product with comparable features) but also any additional product variations you might compete with. Do you compete with conventional teas, for instance, if you sell herbal teas? Are teas on demand? Teas in cans? the overall beverage industry? Examine both your direct competition and this category of rivals.

Through the following, a competitive grid aids in bringing focus and clarity to your decision-making:

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• Aids your team in distilling a lot of competition information so that the team can compare the advantages supplied by each competitor’s product or service to advantages sought by the target market. All four Ps can be included in perks, including those related to the product or service, the location (such as convenience), the packaging, the pricing, etc.

• Assists your teams in their hunt for a unique selling proposition (USP) by identifying any benefits that their target market is looking for but that no other companies are offering. (For surfers, a water-resistant Walkman or iPod.)

• Assists your team in determining whether declining to provide a perk will hurt or improve its capacity to acquire clients from other businesses. (For instance, a lip plumper without real beeswax since items containing beeswax melt in the sun; their customer would rather forego an organic characteristic for convenience.)
What to cover in your analysis of your competitors
A. Description of each competitor’s product names Additionally, an overview of their location, product quality, advertising, personnel, methods of distribution, marketing plans, and customer service should be included.
B. Competitor advantages and disadvantages It’s critical to analyze your competitors’ strengths and flaws from the standpoint of your customers, not your own. List their advantages and disadvantages. Describe how you’ll take advantage of their vulnerabilities and overcome the obstacles posed by their strengths.
C. Establish a Competitor Grid for the Top 4 Competitors.
Methods for obtaining competitive intelligence
• Online
• Individual meetings Visit the places of your rivals if at all possible. Watch the way that personnel deal with customers. How do their premises appear? How are their goods presented? Priced?
• Interact with clients. Your sales team communicates frequently with clients and potential clients. These individuals are also in contact with your rivals. Find out what your prospects and customers are saying about you and your competition.
• Ads from rivals Examine the advertisements of rival companies to learn more about their market positioning, target market, features and advantages of the products, prices, etc.
• Presentations or speeches Where would you find these, on websites like YouTube or businesses?
Written sources include:
General business publications, o Marketing and advertising publications, o Local newspapers and business journals o Publications from trade associations and industries o Surveys and research on the industry o Computer databases (found in many public libraries) o Annual reports
. A GRID FORMATTING EXAMPLE WITH COMPETITIVE BENEFITS SOUGHT BY MARKETING TEAMS Target Client

Contrarian #1

Contrarian #2

#3 competitor

Competitor #4 Marketing Teams Origins Cane & Justin Olay Claritins Benefit xx (provided by all rivals, is this a requirement for entrance, i.e., must the Marketing Team provide this in order to be taken into consideration?)
Feature that provides this advantage
Benefit yy (provided by only one rival; is rival courting a specific clientele?)
Feature that provides this advantage
Advantage zz
Feature that provides this advantage
Benefit mm (Will the Marketing Team suffer if this benefit is not provided?)
Feature that provides this advantage
Benefit nn X (not provided by any competitors; may this be a USP or Value Proposition?)
Feature that provides this advantage

 

 

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