What is competition surveillance?
Competition monitoring is a marketing and strategy management process in which all opportunities in the business landscape are monitored and evaluated.
The most prominent of these avenues are the business competitors and their various activities such as events, product developments, product launches, and product pricing. Knowing what the competition is going to do next enables the company to plan how to counter it or how to do better than the competition.
Competition monitoring is also known as competition analysis.
The main goal of competition monitoring is to put the business ahead of the competition.
Conventional analysis and action methods such as SWOT are no longer sufficient. For example, the SWOT analysis principle puts an organization in a defensive position by trying to cover its weaknesses and threats and to maintain its strengths rather than actively looking for opportunities and improving strengths. But this method can be modified to suit the needs of the organization.
Competition monitoring is the process of monitoring all competitive movements, especially market and product prices. This allows a company to change its prices with the market and the competition in order to win or win new customers. Because of the long price stability, competitors may already have lowered their prices and attract some of the company's customers.
Competition surveillance offers:
- Relevant and timely information about competitors in a relatively short time
- Improve your company's responsiveness
- Better knowledge of potential threats