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Making an over all change in the strategic planning of my company depends strongly on the successful competitors strategies analysis, because this affect the value that is delivered to the customers ( value proposition = cost or price / benefits ), so the customers are comparing us with our competitios ...
Second, studying these competitors affect the sustainability of our competitive advantage in the long term, according to " Recourse based View " our competitive advantage must be (inimitable, rare, non-substitutable), and this drive us to study our competitors strategies clearly in order to sustain this competitive advantage ...
Third, studying these competitors give us the opportunity to find out strategic gaps in the business environment ...
Knowing your competitive advantage (because that is what knowing your competitors strategy is) provides an tremendous oversight when delivering on your company's strategy but never forget what you know as your competitiors strategy is only40% of the strategy.
Except you have somehow found a way to infiltrate their data, if all you know about their stratefy is what is made public or hearsay, then be sure you have more work to do.
However, if you have a good team -40% information albiet raw, can be deducted but don't forget you are not suppose to play defense all the time because allowing competitive advantage to lead your strategic plannning team somewhat puts you on the defense.
I will say have two teams -1 to analyse your competitive advantage and the other to plan your strategy independent of the other, then you present your cases at your general strategy sessions.
In most cases what you come up with is an Eureka at the end of the day.
It is difficult to say that which one of the porter's five forces have higher impact on market situation. it depends on market characteristics. however the role of competitors in market dynamics and their bargaining power is not less than other forces like customers, suppliers, substiute products, new enterants.
It is very important to know everything (as much as your can) while you prepare your own strategy. Your strategic moves are peceived by your competitiors as being either be nonthreatning or threatning moves. You need to understnad that and predict your competitors' response in respect of them retaliating or not and if so when and how and what is your respons to that.
Studying compitetors' strategies is not to imitate them but to prepare your defences and your own strategic moves. The best moves are the ones which does not impose any threats to any competitior.
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