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Competition Analysis

Competition Analysis

As Thorsten Heins put it, if you just go as far as your competition, you’re done. Thus, organizations, enterprises, and initiatives must do comprehensive competition analysis and perform an internal investigation to help making strategic decisions that will lead to commercial success.

This well-planned investigation must begin with investigative tools like; the SWOT Analysis preparation and research, as well as the implementation of Perceptual Mapping. These are two tools that will allow you to create a Strategic Plan to improve your Competitive Advantage in the market and grow potentially.

Competition, a necessary concept

The rivalry consists of businesses that target the same target market with their offerings. In essence, it is a condition in which businesses, organizations, or enterprises have the freedom to compete in the same goods and services.

It is necessary to do a thorough competitive analysis such as: examine their strategies, business models, competitive advantages, and product offers, among other things. As a result, you will see how satisfied customers are, and excel in the process.

The DAFO Analysis is a tool for analyzing competition.

One of the most used tools in strategic planning is the SWOT Analysis. Its construction needs the involvement of all members of the organization, corporation, or enterprise who have a cognitive level that allows them to analyze the internal and external circumstances.

SWOT analyses the business’s operating environment as well as the competition. This matrix enables us to examine the strengths and weaknesses of the organization’s internal elements first. These first two variables are controllable, in the sense that their existence is solely dependent on the business, organization, or corporation.

External influences include opportunities and hazards. COVID-19 is a recent global example of a pandemic that has impacted numerous enterprises, posing a hazard in some situations and an opportunity in others.

In competitor analysis, SWOT becomes useful. Within the context of external risks, present and potential competition must be evaluated. Analyzing your products, prices, distribution, advertising, and all other possible aspects is a smart way to compete.

Analytics
Perceptual mapping is a tool for positioning people

Perceptual Mapping, like the SWOT Analysis, is an effective technique for determining where a company stands in the minds of customers and in comparison, to competitors.

  • The position of the competition in relation to consumer ideals.
  • How far away are your customers or clients from your business or company?
  • Your customers’ dream product or service
  • When looking at a market sector where there are no rivals or where competition is limited, and new appealing market segments are uncovered, thus implying that the firm will not meet customers needs.
  • It’s used to divide the market. You can segment the market using the perceptual map depending on the features or characteristics that your customers value. Defining the target market can help identify your competitors.
Strategic Planning

A correct strategic planning can be attained through this process of study and acknowledgment. Define a strategy for enhancing strengths, overcoming weaknesses, controlling dangers, and taking advantage of opportunities.

Mapping also adds to the strategic plan that follows, because that strategy must ensure organizational, company, or business modification, so that internal strengths are linked with external opportunities.

In essence, a strategic plan is a document that is incorporated into a business plan and includes firm’s future objectives and mission of the economic-financial, strategic, and organizational planning.

Competitive advantage. How do we tell it apart?

Any organization, company, or project’s positioning has a significant impact. It is vital to create a space that stands out and becomes useful in the eyes of the people with whom you work or aspire to work. Customers are loyal, favorable referrals are obtained, and most importantly, it allows for the product to remain in the popular imagination as the first option when faced with a need for it.

To set oneself apart from the competition, you must have a distinct Competitive Advantage; something that is tough to copy by the competitors and can be sustained over time. Yes, it can work without a competitive edge, but it plainly does not last. Besides, in the long term, the organization will be eclipsed by others who do manage to stand out.

Engineers
Some competitive advantages for architecture and engineering firms
  • Personnel hired on a contract basis. Containing specialized workers who do not leave due to inertia is a benefit. On the contrary, it is critical that they work and feel like a CEO while carrying out their responsibilities, generating new ideas and positive experiences.
  • Information and communication technologies are used. The use of technology is required in a completely digital environment. Many are the software and applications that assist in distinguishing oneself based on efficiency. Using the PASconcept is a growing competitive advantage for architecture and engineering firms. This is an integrated management tool that assumes the use of Micro-Sprints (short development cycles) as a development strategy that ensures job efficiency.
  • Convenient location: By having the product available where and when the client chose to look for it, there will be a better use of time, place, and possession. Visibility and an obvious influx of public are obtained with a suitable site.
  • Price. The competition provides a market price benchmark, which you can take advantage of. Customers, on the other hand, are more likely to consider the pricing of your products / services in comparison to those of your competitors. Having a lower pricing promotes mistrust because it correlates to a lesser quality product or service (according to your clients). The greatest choice is to maintain a point of balance.
  • Excellent promotion and advertising. A digital presence, as well as the utilization of other activities that generate demand and promote sales, might be beneficial. Follow the ever-changing rules and regulations.
In every aspect, analyzing the competition is a victory.

It is vital to conduct a thorough analysis of the competition and then proceed from there. You must achieve consumer satisfaction as measured by quality, price, location, or dependability, while also focusing on subjective value such as image, brand, and individualized attention.
As a result, knowing where we operate, who competes in that environment, and developing differentiation tactics based on competitor analysis is a viable alternative.

You will make a difference with PASconcept. You will receive all of the required information to plan strategically for the development of your Architecture and Engineering firm through the use of technology with this powerful and effective tool.

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Paula Omañas is the Marketing Communications Manager for PASconcept. She graduated from FIU with a Bachelors Degree in Business Administration double majoring in Marketing and Management.