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|
Business |
Price |
Location |
Facility |
Strength |
Weakness |
Strategy |
|
Bookkeeping |
$7.0 |
Excellent |
Good |
Competitive staff |
Difficult to access |
Target multiple
markets |
|
Competitor |
Price |
Location |
Facility |
Strength |
Weakness |
Strategy |
|
Fit Small Business |
$6.5 |
Good |
Fair |
Prices are low |
Customers loyalty |
Low prices and targeting
different market |
|
Merritt Book Keeping |
$8.0 |
Excellent |
Good |
Location is excellent |
High Prices |
Digital and social
media marketing |
|
Zip Books |
$7.0 |
Good |
Good |
Services Quality is
excellent |
Location |
Focus on quality to
earn customer loyalty |
Mr XYZ
wants to start the bookkeeping business in the prime location of the market. He
does the competitive analysis that is summarized in the above table. He
searchers both indirect as well as direct business. He found it that Merritt
Bookkeeping is charging the highest prices than other competitors and its
location is also excellent. Fit small business is sticking to lower prices even
though its location is also good, but still, it couldn't earn the customer
loyalty yet. Because his business will be offering the bookkeeping services, zip
books are the direct competition because of the identical prices, but he has
the advantage of excellent location over zip books. He considers that low
prices of fit small business are its strength but fair facilities by the
company may open up the opportunities for him.
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