The first step for any successful business should be to identify and define one’s competitors. This forms an integral part of any strategy formation as it sets the index by which one shapes one’s own business plans and objectives. However, to identify one’s competitors in the market share, one needs to assert the geographical scope or service area of one’s business within which one would then base one’s competitor analysis and market study.
Sample Service Area Competitor Analysis
Service area analysis conducted by: Kate Delfino
Analysis report submitted on: June 5, 2012
Service in question: home delivery catering services
Host Service provider: Eatwell Caterers
Service Area: Wistertia Lane, Alabama
Target Customers: young professionals and college or university goers who live alone and are too busy to cook daily.
Pricing Strategy: the price band is selected to be within the range of 14-38$.
Service Quality: round the clock service. Quality food. Prompt delivery.
|Price per plate||Service Quality||Customer Report
|Service provider 1: Susan’s Homefood||15-35$||24 hour service, Prompt delivery||Quality food, tasty.
|Service provider 2: Yummy Delicacies
|18-40$||Takeaway, home delivery within an hour of order placement.||Fresh, hygienic, healthy, delicious
variety in menu.
|Service provider 3: Wisteria Eatery||11-28$||24×7 service.||Cheap but quality food.
Inference: in order to beat competition the quality of service provided by the host provider must be improved to achieve 100% customer satisfaction. The menu offered must be diverse and cleverly constructed. Pricing strategy adopted is quite impressive in context of that of its competitors.