Competitors Analysis : IIT Roorkee

Competitor's Significance: The lecture emphasizes the importance of competitors in the business landscape, highlighting that while customers are essential, competitors play a crucial role in seeking the attention of those customers. Elements of Competition: The focal areas for competition are identified as price, product, distribution, and promotion. The differentiation strategy is discussed, emphasizing the importance of creating a unique advantage in the market. Competitor Analysis for Product Managers: The lecture focuses on competitor analysis from the perspective of a product manager, discussing questions such as who the competitors are, their strategies, and the differentiation in product features. Strategic Considerations: Strategic elements, including diversification and integral perspective in product development, are mentioned. The lecture underlines the need for a systematic analysis of competitors' actions, including communication strategies and differential product advantages. Forces Shaping Strategy: The five basic competitive forces, as outlined by Michael Porter in 1979, are introduced. These forces include the threat of new entrants, the threat of substitution, bargaining power of buyers and suppliers, and the intensity of competitive rivalry. The discussion concludes with the idea of co-opetition, suggesting that cooperation can be a win-win situation under certain circumstances.