WindowsWear currently maintains a digital database of images or photographs of w

Question

WindowsWear currently maintains a digital database of images or photographs of window displays. The company is looking at the possibility of taking the actual physical displays and creating an exhibit or museum space that people could go to and view the displays.

For example, have you ever been to the Metropolitan Museum of Art? They occasionally have fashion exhibits that you can go visit. WindowsWear is considering the feasibility of doing the same thing.

So your overall assignment is to see if WindowsWear can accomplish the same type of thing. You are researching the Museum Industry (looking at competition, possible economics, etc.) to see if WindowsWear should take the leap and create this museum space.

5-Competitive Analysis

SHOULD WINDOWSWEAR CREATE A MUSEUM?

Background:

In general, what is meant by Competitive Analysis?

Why is understanding the competitive landscape important to a firm?

Introduction:

In what specific ways does a firm undertake this analysis and what tools can they use?

Describe the various ways Competitive Analysis informs the Strategic Plan.

What benefits can a company derive from using this Analysis?

Analysis:

What competitors will the WW Museum face – other ‘like’ organizations, museums, etc... either locally, regionally or internationally?

What strategies can be employed to raise its’s tourist profile in NYC?

Are there related industry or local enterprises WWM can partner with either for programming, image-raising or fundraising?

Conclusion Recommendations:

Based on the above Competitive Analysis we recommend (not recommend) implementing these initiatives (and why). Be sure to consider the financial implications of your decisions.

Explanation / Answer

Background:

In general, what is meant by Competitive Analysis?

Competitive Analysis

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service . Acompetitive analysis is a critical part of your company marketing plan.

Why is understanding the competitive landscape important to a firm?

The competitive landscape profile is a clear and articulately written presentation of the company’s products and services and how they compare to those of the competition. Understanding the competitive landscape profile is extremely important to the success of IT at the company or firm.

Introduction:

In what specific ways does a firm undertake this analysis and what tools can they use?

To conduct the competitive analysis, firm will follow these steps:

Some of the tools that can be used:

SpyFu, QuickSprout, SEMrush, SimilarWeb, Alexa, Google Advanced Search Operators etc.

Describe the various ways Competitive Analysis informs the Strategic Plan.

Competitive analysis is an important part of strategic planning, which is used to establish company goals, strategies and tactics. Top managers normally conduct formal strategic planning meetings at least once a year but may review competitors more often when competition is heavy.

What benefits can a company derive from using this Analysis?

A competitive analysis can help identify which features customers’ want. If a company who is offering a product or feature that no other company in that space is, is widely successful, they’re doing something right. Try modeling the tools, products or features after them.

Competitive analyses are just one of the first steps in a company’s research and planning, but they are clearly key components in developing an effective marketing plan.

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