The analysis of competitors deals with Life Insurance about competitors and services. Competitive Analysis needs to find a difference between other factors like marketing, management hierarchy and decision making to find out the company expectations and how to improve in market demands. Therefore, this is use for formulate and implement. REVIEW OF LITERATURE
Competitor’s analysis helps organization recognize the opportunities and threats in market and develop strategies to counter or defined against their arracks effectively. It helps organization develop the effective strategies to market their products and services. Therefore, how they are formulated and implement their products in future market
Once competitors are identified, they need to be ranked. A few major competitors are then identified. After that, the information about their financial position, how balanced their portfolios are, the serious problem they are facing and opportunities that they are planning to exploit needs to be collected. The level of difficulty in collecting information depends on the type of company. There can be three types of companies
(1) Single industry(2) Multi-industry(3) Multinational industry
It is easier to collect information about single industry companies because they focus on niche market segments and their strengths are usually quality innovation and dependability.
Multi-industry companies are involved in a wide range of businesses. Each business in the portfolio has its own investment objectives and these must be understood. It must also be understood how competitors describe their businesses, balance their portfolio of businesses and how viable the portfolio is.
Knowing the relative strengths and weakness of competitors is essential if they are to be analyzed. Managers need to know the resources of competitors that have been allocated to pursue specific strategies.
To understand the management...