52. Competitive Strategies

Understanding the drivers, objectives and strategies of competitors will help you position and formulate new strategies so you can either (1) take advantage of opportunities competitors don’t pursue or don’t yet realize, or (2) learn how to out flank them.

Your competitive analysis in Section II, evaluated and compared competitors based upon their size, customer base, market share, distribution channels, and other areas outlined on the Competitive Tracking Information worksheet in Chapter 26, “Competition: Keep Your Friends Close and Your Enemies Closer.” You will now expand this information to create effective strategies to win market share. If you are in a highly competitive market, effectual competitive strategies are critical to win or maintain market share. You can create offensive competitive strategies in a highly competitive market, or defensive strategies in response to hostile competitors.