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Step 3: Look at opportunities and threats

Strengths and weaknesses are often factors that are under a company's control.

Opportunities and threats fall into a wide range of categories. It might be technological developments, regulatory or legal action, economic factors, or even a possible new competitor. For example, a photo developing store needs to know how well its competitors are prepared to deal with the advent of digital photography.

Again, an effective way to do this is to create a table listing your competitors and the outside factors that will impact your industry.

Step 4. Determine your position

Once you figure out what your competitors' strengths and weaknesses are, you need to determine where to position your company vis a vis the competition. Some of this may be obvious from the results of your analysis, but it also pays to take a hard look at how your business operates.

One of the most effective ways to do this is to create a strengths/weaknesses opportunities/threats analysis of your business. Rank your company in the same categories that you ranked your competitors. This will give you an even clearer picture of where your business fits in the competitive environment. It will also help you determine what areas you need to improve, and what characteristics of your business you should take advantage of to gain more customers.

Active Words and Phrases:

competitive analysis

аналіз конкурентноспроможності

rate

визначати категорію, класифікувати

small business

мале підприємство

regulatory or legal action

контролюючий або правовий механізм (справа)

strengths & weaknesses

сильні і слабкі сторони

advent

поява

identify

визначати, з’ясовувати

digital photography

цифрова фотографія

dominate the market

панувати на ринку

gain

завоювати, здобувати

vulnerability

уразливість

Ex. III. Give your own examples of Steps 1-4 Analysis.

Ex. IV. Imagine you're working on your Competitive Analysis with a subordinate. Play out a dialogue using the terminology from the above text.

Ex. V. Translate from Ukrainian into English:

  1. Ви повинні знати про свою компанію стільки ж, скільки ви знаєте про ваших конкурентів.

  2. Аналіз конкурентноспроможності дозволяє вам визначити конкурентів і дати оцінку їх сильним та слабким сторонам.

  3. Ви будете мати кращу уяву, як продавати свій продукт або послугу.

  4. Аналіз конкурентноспроможності – це безперервний процес.

  5. Виясніть, які у вашого конкурента вразливі сторони.

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