Htm402 Final Exam Notes

Topics: Marketing, Pricing, Strategic management Pages: 33 (7107 words) Published: May 15, 2013
Two Components:
1. Determination of the competition
2. Comparative analysis of the competition
* 1. Competition Determination
In reference to text, it identifies four levels of competition. * 1. Competition Determination
Three Means/Approaches
1. Consumer Surveys
(By gaining input into the existing location`s
competitors, it should provide insight into who will be the future competitors at the new location) 2. Opinions of Owner/Operators (provide inventory for new location) 3. Product Related Segmentation

* Notes: Future competitors at the new location – tim horton’s * Product related segmentation – looks at similarities of he businesses in the surrounding area * 1. Consumer Surveys
The competition question in the consumer surveys, should provide a list of potential competitors by frequency of mentions. * The assumption is, the potential competitors with the most frequency of mentions are most likely the primary competitors of the existing business. * You are to use this information to develop an inventory of potential competitors at the new site (approx. 20) * From this approx. 20 potential competitors based on your group’s opinion, select several who you believe to be primary and secondary competitors. * 2. Opinion of Owner/Operator

* By showing them an inventory of potential competitors within the primary and secondary trading areas of the new location, they may be able to identify who they believe may be their future competitors. * 3. Product Related Segmentation

This is one of several segmentation bases, what are the others? 1. Demographic
2. Psychographic
3. Geographic
4. Behavioural (usage frequency/rate, user status, loyalty status, user, occasions and benefits) 5. Purpose of trip (under behavioral in text as user occasion) * Notes:Product segmentation – different because look at the actual physical product itself * Whereas the other segments look at society and consumers * Behavioural

Loyalty Status (4 categories)
1. hard-core loyals – constant
2. soft-core loyals – sometimes too lazy
3. Shifting loyals – changing
4. Switchers – convenient
* Product Related Segmentation (cont.)
* This is a method are looking for similarities among the inventory of would-be competitors with the planned new business. * In essence one needs to determine which set of physical characteristics best defines the planned new business venture/concept. (Approx. 5 should be selected.) * Ex) 5 criteria that best defines what ur concept is

* 5 characteristics for tim hortons
* - price: affordable
- Fast food
* Foodservice Segmentation Bases
* Other Foodservice Segmentation Bases
1. Quality rating
2. Entertainment
3. Menu pricing NOT check average
4. Patio
5. Catering Services
6. Breadth of menu
7. Broad and limited
* Lodging Segmentation Bases
* Other Lodging Segmentation Bases
1. Amenities/facilities (business centre, swimming pool, spa, etc.) 2. Category (All suite, conference, boutique, extended stay, resort) 3. Room Rate/Menu pricing
4. Rating (Diamond/Star)
* Product Related Segmentation Methodology
* Scoring and Assessment System
* Primary Competitor Comparative Analysis
* Primary Competitor Comparative Analysis
This is in essence an assessment of the competition by undertaking a comparative analysis of the identified primary competitors. Third party assessments could also be introduced and used here. * Primary Competitor Comparative Analysis

(primarily visual)
1. By location
2. Curb appeal
3. Product/facilities
4. Services offered
5. concept
6 .ambience
7. pricing
8. Hours of operation etc.
9. By special features e.g. patio
* Comparative Analysis (cont.)
This analysis should result in some perceptions about the relative strengths and weaknesses of the primary competitors. PRIMARY COMPETITOR ANALYSIS...
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