The scenario of this report determines that Iran Sheen company wants to conduct competitor’s analysis so they can understand their current situation in the market. This kind of analysis will assist the organisation to attain desired advantages in a competitive manner.
- Compare Iran Sheen company with its competitors on the basis of strengths and weaknesses.
- Analyze the behaviour of Iran sheen’s customers.
- Discuss the marketing strategy of Iran Sheen and also analyze their tactics for reducing risk factors.
INTRODUCTION
In order to define competitive analysis, here are explaining what are the main factors in it such as strengths and weaknesses, behaviour of the consumer, marketing material and strategies, CSR for designers and similarities between Iran Sheen and its competitors for dealing with designers (Chen, 2016.).
MAIN BODY
Strength and weaknesses
There are some strengths and some weaknesses of Iran Sheen company.
- Strengths are like it is online-shop :- being an online company, it is providing delivery of products fastest rather than other companies (Ghoshal and Westney,2015.). Less paper wastage and it is opportunity for Iran Sheen company to manage their business in the whole world. Cost saving and improvement client service is the other profitable factor for online based company.
- Weaknesses of the Iran Sheen companies are relations with the customers are not good because of online business. They are trying to make the best relationship with customers through feedback on time to time (Chen,2016.). This business attracts only women power. More than 85% are women in this organisation. Company has to be concerned about this factor and try to attract man power as well. Bad relationship with designers is also weak part of this company. This company is trying to be make the best relationship with designers by providing them best offers and giving them opportunities to do work on international level.
Comparison between Iran Sheen and its competitors :
Iran Sheen
|
Strength |
weaknesses |
|
Chain logistic |
Women based |
|
Purchase logistic |
Paying attention only online-shop |
|
Higher quality of products |
Relationship with customers |
Alangoo
|
Strength |
weaknesses |
|
Focus on local market |
Highly expensive |
|
Payment system |
Strategies are limited |
|
Reputation |
Aasssttiiinn
|
Strength |
weaknesses |
|
Capability in information technology |
Bad publicity |
|
Global operations |
Little differentiation |
Sold product review of Iran sheen and its competitors :
Product reviews of customers who purchase product online from Iran Sheen are :
- Iran sheen is a very good company for shopping online.
- There is the fastest delivery with Iran Sheen I have ever seen.
Product reviews of competitors company of Iran Sheen are :
- Policy of Alangoo is worst and delivery of the product is not on time.
- Quality of the Pritzy Choice is very bad. And the behaviour of service person is also not good.
Behaviour of consumer
Consumer behaviour can be explained as the actions and decisions that influence the purchasing power of any consumer. Study of consumer behaviour is an essential part in competitors analysis. There are mainly four factors which effect the consumer behaviour such as :
- purchasing power : purchasing power is the main influence factor who affect the consumer behaviour. A decision is made before buy any product by consumer (Ghoshal and Westney,2015.). The quality of product may be excellent but maybe it is not match with the ability to purchase. Consumer behaviour is the critical part for analysts to analysis.
- Group influence : this is the other factor which influence the behaviour of customer. The first part in this influence are members of the family, classmates and relatives. Secondary factors in this influence are neighbours and friends.
- Personal preferences : consumer behaviour is also influenced by personal preferences. Personal preferences such as likes and dislikes, values and morals and so on.
- Condition of economy : in the present time, economic situation of market is the influenced factor of consumer behaviour. Economic conditions will be apply when a consumer will purchase long term assets such as household properties, motor vehicles and so on (Ghoshal and Westney,2015.).
Marketing strategies, marketing materials and marketing sale campaigns
In competitor analysis, there are many types of strategies which can be used by Iran Sheen company. Marketing strategies like advertising and promotion. In promotion strategy, Iran Sheen company has to be follow this process such as segmentation, target and positioning of the product. Marketing materials like banners, posters and flyers can be used to promote their products (Hussey and Jenster 2000).
Strategy of business to reduce risk factor
There are different ways of strategies to reduce risk factor. First key is to partnership. There are more chances of profitability to do partnership with other companies(Chen, 2016.). It provides more strength from this type of combination.
Making CSR
CSR helps a company internally and externally both. CSR ideas are tools for the design industry.
Corporate social responsibility is providing improvement in hiring practices, purchasing responsibility, reducing wastage, helping in efficient productivity (Hussey and Jenster, 2000). CSR establish ethics for provide help lines to any organization.
Similarities between business and competitors.
Iran Sheen and its competitor, both are using social media sites to deal with their designers. Because Social media provides innovative and creative ideas to dealing with designers. By using of social websites like Facebook, Instagram, twitter and you tube. As Iran Sheen is using Instagram for deal with their designers, as it is used by their competitors. LinkedIn is also a social website for dealing with their designers (Chen, 2016.). There are many ways to gain advantages of digital marketing through you tube. It is the best opportunity for the society to know the member's ability and capability which can not be seen in real time.
You may also like to read: Customer Value Management of Homebase
CONCLUSION
From the above report, it can be concluded that main factors in competitor analysis is SWOT analysis. It is necessary to find strengths, weaknesses, opportunities and threat factors. Because without knowing about factors, no company can be exist in competitive market.
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