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Competitive Analysis for Independent Retailers

2/14/2017

 
Merchant Method Competitive Analysis for Independent Retailers | SWOT Analysis | PEST Analysis | Porter's 5 Forces | Small Business | Business Strategies | Visit merchantmethod.com
Learn how you can conduct effective and efficient competitive analysis of other independent retailers easily so that you can remain compelling to customers in a competitive retail environment.

Competitive Analysis for Independent Retailers is part 3 of the 4-part trend report series Use Your Size to Your Advantage.

Topics Discussed in this Trend Report:

  • Competitive Analysis frameworks: SWOT Analysis, PEST Analysis, and Porter’s 5 Forces
  • Analysis should include an assessment of external and internal influences, and an action plan based on your assessments
  • Why you should think broadly about whom you consider to be your business competition
  • Why you should be cautious of delegating the entire task of competitive analysis
  • Study your competitors’ customer experience by shopping your competition
  • Understand your competitors’ market competition by reviewing their website and newsletter copy
  • The importance of comparing retail prices, shipping charges for online orders, and return or exchange policies
  • How to conduct research on the quality of two-way online engagement and customer reviews

Resourced Mentioned:

  • Chron
  • Quickbooks

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