Htm402 Final Exam Notes
COMPETITION ANALYSIS
Two Components:
1. Determination of the competition
2. Comparative analysis of the competition * 1. Competition Determination In reference to text, it identifies four levels of competition. * 1. Competition Determination
Three Means/Approaches 1. Consumer Surveys (By gaining input into the existing location`s competitors, it should provide insight into who will be the future competitors at the new location) 2. Opinions of Owner/Operators (provide inventory for new location) 3. Product Related Segmentation * Notes: Future competitors at the new location – tim horton’s * Product related segmentation – looks at similarities of he businesses in the surrounding area * 1. Consumer Surveys The competition question in the consumer surveys, should provide a list of potential competitors by frequency of mentions. * The assumption is, the potential competitors with the most frequency of mentions are most likely the primary competitors of the existing business. * You are to use this information to develop an inventory of potential competitors at the new site (approx. 20) * From this approx. 20 potential competitors based on your group’s opinion, select several who you believe to be primary and secondary competitors. * 2. Opinion of Owner/Operator * By showing them an inventory of potential competitors within the primary and secondary trading areas of the new location, they may be able to identify who they believe may be their future competitors. * 3. Product Related Segmentation This is one of several segmentation bases, what are the others?
1. Demographic
2. Psychographic
3. Geographic
4. Behavioural (usage frequency/rate, user status, loyalty status, user, occasions and benefits)
5. Purpose of trip (under behavioral in text as user occasion) * Notes:Product segmentation – different because look at the actual physical product itself * Whereas
Two Components:
1. Determination of the competition
2. Comparative analysis of the competition * 1. Competition Determination In reference to text, it identifies four levels of competition. * 1. Competition Determination
Three Means/Approaches 1. Consumer Surveys (By gaining input into the existing location`s competitors, it should provide insight into who will be the future competitors at the new location) 2. Opinions of Owner/Operators (provide inventory for new location) 3. Product Related Segmentation * Notes: Future competitors at the new location – tim horton’s * Product related segmentation – looks at similarities of he businesses in the surrounding area * 1. Consumer Surveys The competition question in the consumer surveys, should provide a list of potential competitors by frequency of mentions. * The assumption is, the potential competitors with the most frequency of mentions are most likely the primary competitors of the existing business. * You are to use this information to develop an inventory of potential competitors at the new site (approx. 20) * From this approx. 20 potential competitors based on your group’s opinion, select several who you believe to be primary and secondary competitors. * 2. Opinion of Owner/Operator * By showing them an inventory of potential competitors within the primary and secondary trading areas of the new location, they may be able to identify who they believe may be their future competitors. * 3. Product Related Segmentation This is one of several segmentation bases, what are the others?
1. Demographic
2. Psychographic
3. Geographic
4. Behavioural (usage frequency/rate, user status, loyalty status, user, occasions and benefits)
5. Purpose of trip (under behavioral in text as user occasion) * Notes:Product segmentation – different because look at the actual physical product itself * Whereas