(EMAILWIRE.COM, March 16, 2008 ) Suwanee, GA -- The keyword in this phrase gives us a hint – "competitive". The competitive marketing analysis is an in-depth study of a business's competition and the markets available in order to ensure that advertising and public relations budget dollars are spent where they will be most effective.

In order to perform strategic planning for their firm's future, it is imperative to know who the competition is and exactly what they are up against to ensure that their market share is sufficient for their firm's future. Increasing market share is the goal of any competitive marketing analysis.

Identifying the Competition - Who is the competition and how can they be located? Since they know exactly what products or services their firm provides, they can locate their competition by identifying other producers or providers in the same market that they supply. This is not a difficult task; it does, however, require some research. Competing suppliers are not hiding; they advertise just as their firm does.

The yellow pages of their local telephone book can be the starting point for competition identification. Research the Internet searching for press releases and publications which use descriptions similar to their products or services. Government agencies, Dunn and Bradstreet, business magazine features or employment of a private research firm can reveal a great deal about their competition and how they operate.

Shop The Competition - If they want to know first-hand about their competition, shop with them. For example, if they are in the restaurant business, eat at local restaurants that are similar in price range and clientele to their establishment. If they are a plumbing business, have someone contact the competition and learn prices of service calls and specific products. Knowing as much about the competition as possible allows their marketing analysis to include details rather than generalities.

Unbiased Comparisons - In order to truly analyze their firm's strengths and weaknesses, they need unbiased sources willing to compare their firm and the competition. They can employ market researchers, use surveys, form focus groups to obtain completely unbiased opinions on what they are doing right and wrong and how their competition stack up to their business.

Measure their strengths and ensure these strengths are maintained or improved upon. Identify their weaknesses and create a plan to improve those areas significantly. After they implement their plan, go back to their unbiased researchers and obtain another comparison to ensure that their implementation of their strategic plan has been effective.
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