How to Analyze an Organization's Competitive Environment for Market Dominance
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Analyze the competitive environment to determine the corporation's most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term.
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Solution Summary
This solution provides a guide in determining how an organization identifies and analyzes its competitors to see which competitor poses the greatest threat to the company. The solution also highlights how an organization can then determine how to mitigate against current and future attacks by the competition and how it can draft the most relevant strategies that pose as a guide to market dominance.
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Hi, My name is Linda Chingosho, a Brain Mass expert from Pretoria, South Africa. I will endeavor to guide you in identifying Wells Fargo's greatest competitor. Please note, I will give you a general guide; it will then be up to you to follow the guide to determine the greatest competitor with relevance to Wells Fargo.
In determining an organization's most significant competitor, the organization must first understand their current business model. The business model displays how value is created in the company offerings (products or services) and how this is distributed to the customer. This will help the company determine its main competitors for analysis purposes.
Once this stage is complete, a competitive analysis must be conducted on the organization and its main competitors. Both the offerings (product or service offered) and the organization's internal strategies need to be considered. Once this is performed and the ...
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