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Assignment #4 - The Competition

The objective of this assignment is to demonstrate the importance of good competitive research in a business venture. It is also intended to help you with your group project by identifying the competitors your business might come up against.

Submit a brief (less than 5-page) written report of the following:

  • Define what is meant by "competitive research" in a business context.
  • Clarify the differences between direct, indirect and other types of competition.
  • Provide one (1) good example of a competitive analysis. Briefly note why you feel this is a particularly good example. (Please include actual example as an appendix to your assignment. This will not be included in the page count.)
  • Indicate at least five (5) methods of competitive research you used in this assignment.
  • Write a competitive analysis for your company. I recommend you use a table to summarize the key competitors and evaluation criteria. If you make any assumptions, be sure to state them clearly.
  • Summarize your report with a recommendation to your "Board".
  • Grade: 15%
  • Format: email as a word or pdf attachment (ehj@sfu.ca) or hard copy
  • Due date: start of class on Wednesday 15 October

Notes:

  • Be sure to cite your sources!
  • A thorough competitive analysis could be 100's of pages long. Since you have only 5 pages, be sure to focus on the issues that are most important to the viability of your business
  • this is an individual assignment. After you have handed in your assignment, I expect you to share your findings with your BUS477 team members

Questions? Recommendations for your classmates?

  • Please use "Add new comment" below.
‹ Business Plan and Pitch - Grading Feedback Assignment #3 - The Board ›

Assignment #4 - Feedback

Here are some overall comments and feedback regarding the assignment:

  • everyone demonstrated they understood what competitive research was.  Some papers clarified that this is also known by other names such as competitive intelligence
  • everyone clarified the difference between direct and indirect competition.  Some added other types of competition such as budgetary.  Some mentioned unethical means of competition such as corporate espionage.  Top grades went to papers that used generic examples as well as specific examples that tied-in to their project
  • top grades went to those who clarified the "pain" in the marketplace that was being addressed by their business and those of their competitors
  • I didn't see an exceptional example of a brief competitive analysis for an existing business or industry.  (Yes, they are hard to find given the competitive nature of the material).  Here is one of the better example templates that was put forward.  I recommend you use something like this in your final paper
  • there was a wide range of quality in the competitive analysis of the class project businesses.  Several projects identified several direct competitors they didn't think they had. 
  • for top grades, I was looking to see that you did the research you recommended and that you went beyond a simple Google search.  Top grades to those who did some secret shopping, sent out a survey, documented that they obtained the help of a professional researcher (SFU, SBBC or other librarian) , etc.  With competitive research, what you don't know can hurt you! 
  • generally, attention was paid to things like a title page, table of contents, use of headings, footnoting references, etc.
  • still some people still left grades on the table by not spell and grammar-checking their work
  • top grades went to papers that summarized their findings in a concise recommendation to their board
  • range: 11.4 - 14.6 (some papers not in)
  • average:  TBD (some papers not in)
  • By Ean Jackson at 21 Oct 2008 - 09:18
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Competitor Analysis Worksheet

Hey everyone,

I know the assignments due tomorrow, but I found a template that may be useful for anyone having difficulty finding stuff.  I'm not entirely sure if this is what we need, but I thought I'd post it anyways.  I'm not sure that this is what I'm going to use myself, but it's one of the better things that I have found so far.  Ean, is this a good example of the analysis we should be conducting?

Here's the link:

http://www.docstoc.com/search/Competitor-Analysis-Worksheet/

Rob Van Seters

  • By Rob Van Seters at 16 Oct 2008 - 22:04
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Oh La La!

Rob,

It looks like you have hit pay dirt!  I looked at the first one and it was a decent high level comparison of competitive attributes.  Not sure what the differences were with the subsequent ones?  

Are these the best questions for your business?  Are there enough questions to adequately position your competitors?  These are the questions you will need to ask yourself when you apply the template to your business.

 

  • By Ean Jackson at 16 Oct 2008 - 22:41
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Attribute selection

Since this is a template, I figured that I would add any any attributes that I felt were lacking for my particular industry, and remove those that I am unable to find information for. 

As for the other files on the page, there were a lot of repeats, but there are a couple closer to the bottom of the page that are different.  The Free Office form is a little more brief, while the Mindshaker analysis asks you to look at the strengths and weaknesse of your competitors. Even though it's a little less thorough, it may be more intuitive to use.

All the best everyone!

Rob Van Seters

  • By Rob Van Seters at 17 Oct 2008 - 08:00
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 Hi, I am searching

 Hi,

I am searching around the Internet and i found a very good report about the market which my company is going to compete in. I was searching around sfu library website to see if i can get assess to that report. But unfortunately, no. Is there anyone here may have subscribed to Hoover's, Inc. ? Thanks 

Tony Kai Yin, Ho

  • By Kai Yin Ho at 16 Oct 2008 - 20:12
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I thought you can get

I thought you can get access to Hoover's reports through sfu library.

If you go to the library website and click on "journal articles and databases"

then under the "browse database by title" click on "H", you'll find Hoover's Company and Industry Reports

  • By Justin Ma at 16 Oct 2008 - 20:29
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Thanks so much

It really helps me a lot. Thanks

Tony Kai Yin, Ho

  • By Kai Yin Ho at 16 Oct 2008 - 21:07
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Hoovers

Hoovers is an excellent and well-respected source of information on businesses. 

As you have seen, however, this company charges for most of the research it provides.  While SFU does pay for some databases, it appears as though it does not pay for this one. 

You might try the main downtown library, UBC (do you have a friend who goes there) or someone who works for a company that has access to the information you want. 

Good luck with your search!

  • By Ean Jackson at 16 Oct 2008 - 20:26
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Providing an Example of a Competitive Analysis

Hi Ean,

 

Just wondering about the example of a competitive analysis. Do we just find a competitive analysis that someone else did, and provide our own personal analysis of it?

 

Thanks,

 

Josh 

  • By Josh Brown at 16 Oct 2008 - 15:13
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Providing an Example of a Competitive Analysis

Yes.  Then use the model or template you selected to do the competitive analysis for your team business plan.
  • By Ean Jackson at 16 Oct 2008 - 16:12
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Finding an example

Hi Ean and others,

I spent several hours the other day looking around on various websites (including Forrester and other consulting firms) for an example of competitive analysis. Most of the reports I have found cost money (and often upwords of $1000). Can you possibly suggest some more (free) web sources for an example?

Also, is the competitive analysis example a long report, a simple table, or other? Also also, does it have to be an analysis of a similar product or company to the idea we have chosen?

 

Thanks, 

Carlie

 

  • By Carlie Lazzari at 15 Oct 2008 - 14:20
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Competitive Analysis Search

Hey guys,

I had some success finding examples by adding either ".pdf" or ".doc" to the end my searches.

So, it would read something like "competitive analysis example .pdf" in the search bar.

Hope this helps a bit.

 

 

  • By Brook Ewert at 16 Oct 2008 - 09:44
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Example Competitive Analysis

I think we addressed your question in class, but if not...  

  • try asking a librarian
  • try search terms such as "competitive matrix", "competitive analysis" and so on

The size of a competitive analysis can range from a simple table (as I drew on the board last week and reviewed yesterday) to a report that may be 1,000s of pages long and cost $10Ks.

In this assignment, I am looking for your recommendation, your justification and a practical application.

  • By Ean Jackson at 16 Oct 2008 - 09:30
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i would love to know it

i would love to know it too.. because i have a difficulty finding sample of competitive research...

 

ian

  • By Ian Lasuardi at 16 Oct 2008 - 05:16
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Question

Hey all

can someone help me clarify this part?

"Indicate at least five (5) methods of competitive research you used in this assignment."

when we are talking about "methods" does this means steps of how we get the data for our competitive research?

 

 

thanks for the help

ian

  • By Ian Lasuardi at 10 Oct 2008 - 19:06
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Methods of competitive research

Hi Ian,

I think you just need to tell Ean how you got your research, for example, if it was from a newspaper, interviewing an entrepreneur, and etc...

 Hopefully I'm right about this.

 Amanda

  • By AmandaKuit at 10 Oct 2008 - 19:19
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Methods of competitive research

Exactly, Amanda.  Thank you.

Good decision-making depends in large part on having access to good information on which to make decisions.  It is clearly very imporntant that you, as a senior decision-maker in your business, know as much as you can about the current and future competition.  As you will see from this assignment, this task is easier said than done.

Finding good competitive information is hard work.  I want to see that you know how to find the information you need. 

  • By Ean Jackson at 13 Oct 2008 - 10:40
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ah alrite thanks =) 

ah alrite

thanks =) 

  • By Ian Lasuardi at 10 Oct 2008 - 20:11
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Revised Due Date

In Class #5 we agreed that it would be nice to not have to cram this assignment in over Thanksgiving.  The assignment is now due midnight on Friday 17 October. 

'Hope you have a nice Thanksgiving holiday!  Smile

  • By Ean Jackson at 2 Oct 2008 - 14:15
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