Against whom do we usually compete? Who are our most/least intense competitors? Who are makers of substitute products?
Examine the perspective of the customers who make a choice among products/services similar to yours.
What are the alternatives to you?
What are the key differences between your product/service and the alternatives?
From this identify the key players – Your competitors
Place competitors into strategic groups on the basis of their competitive strategy. Such as:
Similar competitive strategies, aggressiveness, assets, size, market share, competencies etc.
Barriers from moving between strategic groups; reputation, product, manufacturing costs and logistics, retailers, existing and potential customer base.
Knowing a competitors mobility barrier is key to maintaining a competitive edge.