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ENT4127: Entrepreneurial Strategy

Competition

Company databases often include competitor lists for each company, but these lists may not always be accurate. It's crucial to evaluate competitors through Industry/Category Analysis and identify emerging competitors that might not be listed in these databases.

These methods can help you identify and analyze your competitors effectively.

  • Online Search: Use search engines to look up keywords related to your industry or specific products/services.
  • Social Media: Check social media platforms for mentions of similar products or services.
  • Customer Feedback: Read reviews and forums where customers discuss alternatives to your product.
  • Industry Reports: Access market research reports that often list key players in the industry.
  • Industry Trade Magazines: Review trade magazines for articles, advertisements, and profiles of key players in the industry.
  • Business Directories: Use directories like Yellow Pages, Yelp, or industry-specific directories.
  • Trade Shows and Conferences: Look for online sites for industry events to see who else is showcasing similar products.
  • Competitor Analysis Tools: Utilize tools like SpyFu, SEMrush, or SimilarWeb to analyze competitors' online presence.
  • Financial Filings: Review SEC filings for mentions of competitors in risk factors or market analysis sections.
  • Networking: Talk to industry peers, suppliers, and customers to get insights on other players in the market.
  • Advertising: Monitor ads in your industry to see who is actively marketing similar products or services.

Economic Growth and Stability

Political Trends

Legal and Regulatory Issues

Technological Advancements

Internal Environment

Customer Enviornment

External Environment

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