Today we are going to discuss competitive positioning within are Industry Scan using an example of a local business we completed some work for in Southgate, Enfield.
This local business wanted to introduce food into the establishment after reading a breadth of market reports on the state of the pubs industry. The overall view was that pubs and clubs where diversifying more into food due to the loss of wet sales and closure of 1000’s pubs and clubs over time.
And so, we undertook a review of the sort of food that could be provided, where the trends where going and what the competition looked like.
The thing about strategy is that it doesn’t just operate in isolation of the market place. We often use two terms to talk about strategy and these are:
- Doing the right thing – obtaining the optimum market position
- Doing things right – executing the strategy in order to deliver the chosen product or service
In order to review the competition, you need to know what the critical success factors are for your industry and demographic. We wrote about this in a previous blog critical success factors.
And so, for our product we determined that our demographic where both food quality conscious and price conscious. Based on that information we undertook some research of all the cafes and restaurants on Chase Side, Southgate where all the competition was.
Above is a simple perceptual map that was built up which showed that the majority of food outlets where under the category of fast food of reasonable quality and so the choice to enter the higher end of quality at a reasonable price was a good fit for the market
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