Question

Competition can be a great source of data for your company. What research will it take to find out things like how many customers does a certain competitor have and who are these customers? Also what research is needed to know if a competitor is targeting the same people that your company is for the sale of your products?

Answer 1

Solution:

The methods of secondary research are effective in finding out the number of customers that are catered to by the competitors and the exact nature of these customers. This data is available in the market and can be found out by implementing a secondary research which will allow the organization to extract this data and then analyse this secondary data to come up with solutions to their problems involving the amount of market share the competitors has, the number of customers who cater to the competitor and the characteristics of the customers of the competitors. hence, this analysis from secondary data is of great significance to the organizations.

For understanding the targetiing of competitors in the market, survey research with the target consumers of the organization will be a better way to understand the perceptions of the consumers about the purchase intent with either the competitor or our own organization. The methods of primary research, such as the survey research which will help the organization in understanding the exact nature of the consumer purchasing intent and from this information organization calculate the number of consumers who are targeted by both, the company as well as the competitors.