What methods have you used to assess the competitive landscape in a foreign market?
In assessing a foreign market’s competitive landscape, I’ve utilized various methods. Market research is crucial to understand key players, their strengths, and weaknesses. This includes both primary research, like surveys or interviews, and secondary research, such as industry reports.
SWOT analysis helps identify opportunities and threats within the market while PESTLE analysis provides insight into macro-environmental factors. Porter’s Five Forces model assists in understanding the competitive forces at play.
Also, social listening tools can be valuable for gaiving real-time insights about competitors’ customer engagement strategies. Lastly, direct competitor visits or ‘mystery shopping’ provide firsthand experience of competitors’ offerings.
