Therefore, the manager should do some analysis o understand more about the customers wants and needs today and keep improving to keep existing or attract new potential customer in the market for the brand. Competitive analysis Competitive analysis is defined as identifying your current and potential competitors and evaluating their strategies to determine their strengths and weaknesses. A competitive analysis is a vital and critical part of a compass marketing plan.
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This is because we can start to figure out who and why we gain or lose customers to the most and have a better basis to plan for the future (Daces 201 AAA). Moving on, a competitive analysis can also reveal the opportunities or threats to a company. For Instance, looking broadly at competition might help a company to find other categories or product forms Its brand could take on and steal some sales from. Volkswagen, big brand of cars, can use this analysis to carry out its brand strategy.
The Volkswagen Group intended to place itself as a global economic and environmental leader among the other automobile manufacturers. One of the competitive analyses that can help the brand to achieve its goal is the two-purchase analysis. This form of data is like customer buys A then buys B and split out how many buyers actually switched from brand X to brand Y (Daces AAA). Firstly, the Volkswagen Group should start with carrying out a survey of new car buyers in Australia that asked about the make and model of the new car Just purchased and the last previous car purchased.
After that, the data collected from a two-purchase survey can be used to construct a duplication table and determine how Volkswagen Is doing In the car market In Australia. From the data calculated, we can see how any buyers switched from other brands to Volkswagen and vice versa. This data actually help the brand to understand the structure of competition by looking at which brand is bigger than it and so. This can help Volkswagen to understand its situation clearly in the market compare to the competitors and carry out a brand strategy that stand out among others.
Customer analysis Moving on, another analysis that is important for a brand as well is the customer analysis. It Is very Important for a brand to know its customers because they are the one who are making all the sales. Customer analysis Is the process by which data room customer behavior Is used to help a business In decision-making Vela market segmentation and predictive analysis (Daces Bibb). The value of this analysis Is that it allows the brand managers to understand about their customers needs and wants brand to keep its existing customers and get some other potential customer later.
Dell, largest technological cooperation, has empowered countries, communities, customers and people everywhere to use technology to realize their dreams. In order for it to be more success in the future, Dell needs to carry out customer analysis and plan for its brand strategy wisely. In this case, we are using the who method in customer analysis. Primarily, we have to find out what kind of customers are buying from Dells. It can start by carry out survey or from the consumer panel purchase records in Australia’s market.
Next, we will find out who are the buyers of this product category generally from the survey or purchase data. If the result of the data is most of the laptop buyers are both gender and young customers, Dells can come out with new product with features such as better gaming system, lighter and so on which target the generation Y because they are the potential customers in the arrest. However, Dells can also use of the data collected and target more people outside there in order to make more sales such as laptop for business use.
After using customer analysis, Dells will gets to frame a branding message to these buyers and satisfy their needs and wants. Therefore, customer analysis is important for Dells to clearly find out who are the customers and set up a brand strategy that better than the competitors. In conclusion, information about competitors and customers are very important for a brand to stand out in a market among its competitors. This is because these information could help to predict the future behavior of customers and learn what is the competitor doing better.
Competitor analysis is vital for getting the information of how is other competitor doing compare to itself in the market. On the other hand, customer analysis can help the brand to target the potential customers in the market to increase the sales of the company. If a brand strategy wants to be carry out more efficiently and effectively, customer and competition analysis is needed (900 words) Daces, J. AAA, Competitor analysis for brand managers. Working paper. Remembering- Bass Institute, University of South Australia: Adelaide.