The Battle of the Bakeries – Competitive Analysis

The Battle of the Bakeries - Competitive Analysis

Worksheet Description

In the business world, competitive analysis refers to the process of identifying, researching, and evaluating the strengths and weaknesses of a company’s competitors to gain a strategic edge. By understanding what competitors are doing and identifying gaps in the market, a company can make more informed decisions and devise strategies that set them apart.

Before diving deep into analysis, a business first identifies its main competitors. These can be direct competitors (offering similar products or services) or indirect competitors (offering alternative solutions to the same problem).

Examining the features, benefits, pricing, and quality of competitors’ products or services. This can also involve understanding product life cycles, innovations, and any unique selling propositions.

Imagine you’re planning to open a small bakery in your town, but you discover there are already three bakeries operating successfully. Before setting up your shop, you decide to conduct a competitive analysis. Visit each bakery and observe the variety of products they offer, their pricing, and any unique features they might have. Write about your findings, and based on your analysis, describe how you would design your bakery to stand out and attract customers in this competitive environment.