• Resources: They can be physical, financial, human and information resources of the competitor.
• Competencies: Competencies and performance record of the competitor’s human resources. Competitive advantages of competitors which cannot be copied.
• Share of target market: Percent of market share of the competitor.
• Share of mind: Image of the competitor in customer’s perception.
• Share of heart: Preference by customers to buy the product of the competitor.
The company should “benchmark” to learn from the best practices of competitors. It should attack the weaknesses of the competitors of competitors to gain competitive advantage.
Perceptual mapping technique can be used. It is a graphic way to view and compare own product against the competitor’s product. Price and quality are commonly used. This technique helps to identify niches in the market.
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