A predictive tool designed by Michael Porter that helps in determining a competitor's course of action. Identify competitors' intelligence and trends.
1. Draw the canvas as shown on the front.
2. Define the drivers of the competitors.
Financial goals, corporate culture, structure, leadership background, external constraints, philosophy, etc.
3. Define the management assumptions.
What do they think are their strengths, weaknesses and values – think of competitor goals.
4. Add their current strategy.
How do they create value, where do they invest, which partners & networks do they have?
5. Define there capabilities.
What are their marketing skills, service channels, patents/rights, financial strengths, leadership qualities, workforce etc.?
WHEN
Before you bring your product to the market.
WHY
Find out what your competitors’ strengths and weaknesses are.
NOTE!
You researched the competitors in your market or those with a similar product
OUTPUT
See where you could position yourself in the market.
Next
Define your market position.