ASSESSING COMPETITOR STRATEGIC BUSINESS UNITS WITH THE COMPETITOR ANALYSIS PACKAGE

Aspy P. Palia University of Hawaii at Manoa [email protected]

Jan De Ryck University of Hawaii at Manoa [email protected] ABSTRACT potential for data entry error.

The Web-based Competitor Analysis Package enables DECISION SUPPORT SYSTEMS competing participant teams to assess the strength of each element of the mix for one or more strategic business Several scholars have commented on the value of including units (SBUs) of one or more competitors during each decision decision support software/systems in computer simulations period. This decision support package extracts the EPS of each (Keys & Biggs, 1990; Teach, 1990; Gold & Pray, 1990; Wolfe competing firm, together with the price, quality, & Gregg, 1989). In addition, the literature is replete with media budget and copy used for each of the nine SBUs, as well references to the use and impact of decision support systems as regional salesforce size, salary and commission for each with computer simulations (Affisco & Chanin, 1989, 1990; company from the simulation results. Users can configure the Burns & Bush, 1991; Cannon et al., 1993; Fritzsche et al., 1987; package to analyze one or more SBUs of one or more Grove et al., 1986; Halpin, 2006; Honaiser & Sauaia, 2006; competitors. The package ranks and color-codes each element Markulis & Strang, 1985; Mitri et al., 1998; Muhs & Callen, of the marketing mix for the selected SBUs and competitors, 1984; Nulsen et al., 1993, 1994; Palia, 1989, 1991, 2006; Peach, and can be used to evaluate specific SBUs of specific 1996; Schellenberger, 1983; Shane & Bailes, 1986; Sherrell et competitors, implement the external analysis component of al., 1986; Wingender & Wurster, 1987; Woodruff, 1992). SWOT analysis, and/or develop a comprehensive strategic Decision support systems (DSSs) are defined as …a market plan. collection of data, systems, tools, and techniques with supporting software and hardware by which an organization INTRODUCTION gathers and interprets relevant information from business and environment and turns it into a basis for…action (Little, 1979; The Competitor Analysis Package is a decision support Burns & Bush, 1991). In addition, they are defined as computer system that enables competing participant teams in the -based information systems that support the process of marketing simulation COMPETE (Faria, 1994, 2006) to structuring problems, evaluating alternatives, and selecting identify and assess the relative strengths and weaknesses of actions for more effective management (Forgionne, 1988). each element of the marketing mix for each strategic business Further, they are described as the hardware and software that unit (SBU) of their competitor portfolios during each permit decision-makers to deal with a specific set of related decision period. SBUs are specific product offerings in specific problems by providing tools that amplify a manager’s judgment regions that have specific target markets with specific needs and (Sprague, 1980). purchase motivations, a specific set of strategies, facing a DSSs used with business simulations yield several benefits. specific set of competitors with specific competing strategies. These include greater depth of understanding of simulation This Excel-based Competitor Analysis Package activity with resulting increase in planning (Keys et al., 1986), automatically extracts relevant company performance and in-depth understanding of quantitative techniques as students marketing mix data for each SBU of each competitor via visualize the results of their applications, sensitivity to external links from the Excel-version of the COMPETE weaknesses in techniques used, and experience in capitalizing simulation results generated from the original dos-text based on their strengths (Fritzche et al., 1987). Other benefits include COMPETE simulation results. The Excel-version of the minimization of paperwork and errors, error-free graphical simulation results is uploaded to the COMPETE Online representation of output, a competitive tool with increasing Decision Entry System (CODES) repository for subsequent value as simulation progresses, and potential for participants to access by competing participant teams. Only relevant data on create their own DSSs (Burns & Bush, 1991). In addition, the determinants of sales revenue are extracted from the DSSs enhance understanding of complex business relationships simulation results. This decision support package saves time and provide additional value over time (Halpin, 2006). Further, needed to identify and enter the relevant data and reduces the DSSs provide realism, relevance, literacy, flexibility and

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opportunity for refinement (Sherrell et al., 1986). element of the marketing mix for one or more SBUs in their Some authors contend that combining an active student brand portfolio and the brand portfolios of one or more of their generated database in the form of a simulation game with a DSS competitors, (b) analyze the relative strengths and weaknesses will result in improved decision making, lead to improved pro- of each competitor’s brand portfolio as they perform the active rather than re-active , and result in external analysis component of SWOT analysis, and (c) use the improved simulation game performance and enhanced learning insights derived from their analysis of specific competing SBUs (Muhs & Callen, 1984). Others have reported no support for to develop a cogent and persuasive strategic market plan. the premise that DSS usage improves small group decision making effectiveness (Affisco & Chanin, 1989), and that DSS COMPETITOR ANALYSIS usage to support manufacturing function decisions resulted in decreased manufacturing costs and increased “earnings/cost of goods sold” ratio in the second year of play (Affisco & Chanin, Competitor analysis plays a central role in strategic market 1990). management (Aaker, 2014) and strategic market planning (Abell & Hammond, 1979). In strategic market management, Given the inconsistent findings with regard to the efficacy competitor analysis is the second of four phases of External of DSSs reported in the literature, does DSS usage increase analysis which includes analyses of (a) customers (segments, decision effectiveness and/or enhance learning? One scholar needs, purchase motivations, and unmet needs), (b) competitors notes that while the DSS assists the decision maker, it does not (identity, strategic groups, performance, image, objectives, make decisions, nor can it substitute for intelligent analysis and strategies and weaknesses), (c) markets and submarkets synthesis (Schellenberger, 1983). In addition, as with other (emerging submarkets, size, growth, profitability, entry barriers, computer-based or experiential learning techniques, the cost structure, systems, trends, and key success effectiveness of DSSs or the decisions made are less important factors), and (d) environmental (such as technological, than the insights they generate. The level of insight generated consumer, governmental, and economic) trends (Aaker, 2014). depends heavily on the clear explanation of the purpose, significance, assumptions, usage, and limitations of the DSS USE IN STRATEGIC MARKET MANAGEMENT and underlying concepts applied, by the instructor. In addition, the level of insight generated depends heavily on the debriefing The purpose of External analysis (which begins with process used by the instructor to crystallize student learning customer analysis) in Strategic Market Management is to (Cannon et al., 1993). identify opportunities, threats (the O and T of traditional SWOT analysis), trends and strategic uncertainties. Competitor SIMULATION PERFORMANCE analysis, the second phase of External analysis, focuses on the & PROFIT ANALYSIS identification of threats, opportunities, or strategic uncertainties created by emerging or potential competitor moves, weaknesses, or strengths. Competitor analysis begins with the Several authors have investigated the relationship between identification of current and potential competitors based on (a) game performance and use of DSSs (Keys & Wolfe, 1990) as the degree to which they compete for a buyer’s choice, or (b) well as other predictor variables such as (a) past academic strategic groups based on their competitive strategy. Once the performance (GPA) and academic ability of participants, and competitors are identified, an attempt is made to better degree of planning and formal decision making by teams (Faria, understand them and their strategies (Aaker, 2014). 2000), (b) GPA and the use of DSSs (Keys & Wolfe, 1990), (c) Competitor identification can be facilitated by answering age, gender, GPA and expected course grade (Badgett, the following questions: Against whom do we usually compete? Brenenstuhl & Marshall, 1978), (d) university GPA and Who are our most intense competitors? Which companies are academic major (Gosenpud & Washbush, 1991), (e) gender, less intense but still serious competitors? Which competitors are GPA and course grade (Hornaday, 2001; Hornaday & makers of substitute products? Can these competitors be Wheatley, 1986), (f) gender (Johnson, Johnson & Golden, grouped into strategic groups on the basis of their assets, 1997; Wood, 1987), (g) GPA, previous course grades, and competencies, and or strategies? Who are the potential course grade (Lynch & Michael, 1989), with conflicting results. competitor entrants? What are their barriers to entry? Is there These conflicting results led to the conclusion that no predictor anything that can be done to discourage them? (Aaker, 2014). variable consistently predicts simulation performance Competitor evaluation can be facilitated by answering the (Gosenpud, 1987). following questions: What are their objectives and strategies? Other authors have discussed the use of simulation profit What is their level of commitment? What are their exit barriers? analysis in advertising (Motes & Woodside, 1979), accounting What is their cost structure? Do they have a cost advantage or (Bonczkowski, Gentry & Caldwell, 1979; Bradley & Murtuza, disadvantage? What is their image and strategy? 1988; Goosen, 1974, 1990; Leftwich, 1974; Lord, 1975), Which are the most successful / unsuccessful competitors over business ethics (Schumann, Scott & Anderson, 1994); business time? Why? What are the strengths and weaknesses of each management (Millers, 1986), finance (Leftwich, 1974), and competitor or strategic group? What leverage points (or production operations and management (Mukherjee & strategic weaknesses or customer problems or unmet needs) Wheatley, 1999) courses. could competition exploit to enter the market or become more The primary purpose of this paper is to present a new user- serious competitors? How strong or weak is each competitor centered learning tool that provides participant teams the with respect to their assets and competencies? (Aaker, 2014). opportunity to (a) assess the strengths and weaknesses of each

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The Excel-based Competitor Analysis Package facilitates business units (SBUs), as well as salesforce size, salary and both competitor identification and evaluation. This decision commission used. When used together with the COMPETE support package extracts relevant company performance and PPA Graphics Package, the user can identify the leader and marketing mix data for each SBU of each competitor via follower of each competitor, and investigate the relative external links from the Excel-version of the COMPETE strengths and weaknesses of each SBU relative to each simulation results. Marketing mix data for each SBU include competitor before deciding on the appropriate strategy (build price, quality, advertising budget allocation by media, share, hold share, harvest, or divest/withdraw) for each SBU advertising copy message used for each of the nine strategic and the appropriate marketing mix decisions. business units (SBUs), salesforce size, salary and commission used. The user can select one or more SBUs for one or more USE IN SIMULATIONS competitors for analysis. When prompted to do so, the package ranks and color codes each marketing mix variable for each Simulation game participants use supply-based attributes competitor relative to other competing firms. such as size measured by earnings, market share, or sales volume to identify major competitors, and to use similarities in USE IN STRATEGIC MARKET PLANNING variables to identify direct competitors (Faria & Wellington, 2002). These attributes are consistent with Competitor evaluation is the third step in a six-step attributes used by a group of experienced managers to identify strategic market planning process used in product portfolio competitors (Clark & Montgomery, 1999). Further, simulation analysis. The heart of product portfolio analysis is the creation, participants use a separate set of criteria such as prices charged, interpretation and analysis of the BCG growth share matrix advertising strategy, sales force and other elements of the (GSM) and growth gain matrix (GGM) displays for the firm and marketing mix to analyze their competitors (Faria & its main competitors. Based upon GSM data, each firm’s Wellington, 2002). strategic business units (products) are classified into four Indeed, the simulation literature is replete with references categories – “Cash Cows,” ”Dogs,” “Problem Children,” and to (a) competitor identification (Faria & Wellington, 2002; “Stars” (Abell & Hammond, 1979; Day, 1986). Based on these Gosen & Washbush, 2005), (b) analysis (Burns & Bush, 1991; displays, the organization can (1) check for internal balance in Faria & Wellington, 2002; Fekula, 2008; Low et al., 1988; the brand portfolio, (2) look for trends, (3) evaluate Sherrell et al., 1986), (c) actions (Sauaia & Kallas, 2003; Gosen competition, (4) consider other factors not captured in the & Washbush, 1999, 2005), (d) attributes (Burns & Sherrell, portfolio display, and (5) develop alternative “target” portfolios 1984), (e) behavior (Gold et al., 2013), (f) bidding (Sharda & along with specific objectives and associated strategies and (6) Gentry, 1983), (g) information (Gold et al., 2013), (h) location check financial balance (Palia, 1991, 1995, 2002, 2010). (Burns & Sherrell, 1984), and (i) strategies (Dickinson & Faria, In order to evaluate competitors, the GSM and GGM 1994). displays are developed for each of the firm’s major competitors. Each competitor’s GSM and GGM displays are carefully THE MARKETING SIMULATION COMPETE studied to determine what each is doing. Are their strategies coherent? Which SBUs are cash cows, stars, problem children, and dogs? How close is the competitor’s weighted average COMPETE (Faria, 2006) is a marketing simulation growth rate to its maximum sustainable growth rate? designed to provide students with marketing strategy Interesting insights and potential weaknesses of competitors can development and decision-making experience. Competing be revealed. Next, the competitor’s charts are compared with student teams are placed in a complex, dynamic, and uncertain the firm’s GSM and GGM displays taking one SBU at a time to environment. The participants experience the excitement and evaluate competitive strength. This is especially important uncertainty of competitive events and are motivated to be active when market share increase is contemplated (Abell & seekers of knowledge. They learn the need for and usefulness Hammond, 1979). of mastering an underlying set of decision-making principles. Competitor analysis is crucial for sound strategy Competing student teams plan, implement, and control a development. Yet, it is often the Achilles heel of strategic marketing program for three high-tech products in three regions market planning, as it is often difficult and speculative. Region 1 (R1), Region 2 (R2) and Region 3 (R3) within the Although competitor GSM and GGMs are not as reliable as United States. These three products are a Total Spectrum those for one’s own firm, they usefully display the best Television (TST), a Computerized DVD/Video Editor (CVE) information available about competitors. Consequently, many and a Safe Shot Laser (SSL). The features and benefits of each analysts are content to analyze easier internal issues. However, product and the characteristics of consumers in each region are the web-based COMPETE PPA Graphics Package generates the described in the student manual. Based on a marketing GSM and GGM displays for each of the competing firms based opportunity analysis, a mission statement is generated, specific on reliable, accurate and timely competitor data based on the and measurable company goals are set, and marketing strategies simulation results (Palia, 1991). are formulated to achieve these goals. Constant monitoring and The Excel-based Competitor Analysis Package facilitates analysis of their own and competitive performance helps the competitor evaluation. This decision support package extracts teams better understand their markets and improve their relevant marketing mix data (for each competing firm) decisions. including price, quality, advertising budget allocation by media, Each decision period (quarter), the competing teams make advertising copy message used for each of the nine strategic a total of 74 marketing decisions with regard to marketing their

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EXHIBIT 1 COMPETITOR ANALYSIS WORKSHEET

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three brands in the three regional markets. These decisions The user can (a) select one or more competitors, (b) select include nine decisions, nine shipment decisions, three one or more SBUs of the selected competitors to be analyzed, sales force size decisions, nine sales force time allocation and (c) use the “Analyze” option to rank order and color code decisions, one sales force salary decision, one sales force each element of the marketing mix for the selected SBUs of the commission decision, twenty-seven advertising media selected competitors relative to corresponding SBUs for other decisions, nine advertising content decisions, three quality- competing firms in the industry. Then, the user can repeat the improvement R&D decisions, and three cost-reduction R&D analysis for one or more other selected SBUs and competitors. decisions. Successful planning, implementation, and control of The Competitor Analysis Package (workbook) Version 2.0 their respective marketing programs require that each company is a zipped folder “Competitor Analysis.zip” which consists of constantly monitor trends in its own and competitive decision an Excel workbook “Competitor Analysis.xlsm” (with external variables and resulting performance. The teams use the links to the COMPETE results (output) file Period.xls) and COMPETE Online Decision Entry System (CODES) (Palia & Period.xls Excel version of sample COMPETE output for a Mak, 2001; Palia et al., 2000) to enter their decisions, retrieve specified period. This Competitor Analysis.xlsm workbook their results, and download and use a wide array of marketing consists of three worksheets. These include “Index”, dss packages. “Competitor Analysis”, and “SBU options” worksheets. The Index worksheet summarizes the purpose and data inputs THE COMPETITOR ANALYSIS PACKAGE required. The Competitor Analysis worksheet extracts and presents the relevant performance and marketing mix data for all SBUs for all competing firms form the Excel version of the The Web-based Competitor Analysis Package Version 2.0 COMPETE simulation results for a specific decision period. is accessible online to competing participant teams in the The SBU options worksheet specifies the typology, and marketing simulation COMPETE. It enables competing strategic and positioning options to be selected by the user for participant teams to assess the strengths and weaknesses of each each SBU. strategic business unit (SBU) within their own and competitor The Competitor Analysis worksheet consists of external brand portfolios during each decision period. The package links to the Excel version of the quarterly COMPETE output automatically extracts data on each element of the marketing file “Period.xls”. This Competitor Analysis worksheet extracts mix (SBU-specific price, quality index, broadcast advertising, and displays the company name, company number, and decision print advertising, sales promotion and advertising copy, period (quarter) number from the Excel version of the regional salesforce size, and company-wide salary and COMPETE results file “Period.xls” (see Exhibit 1). All cells commission compensation) for all competing firms from the containing data extracted from the simulation results are colored Excel version of the simulation results for a specific decision turquoise. The total advertising budget which is calculated period. from the broadcast, print and sales promotion budgets are EXHIBIT 2 DATA EXTRACTION TABLE – COMPETITOR ANALYSIS WORKSHEET (MARKETING MIX 1)

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colored light brown. In addition, the company number of the Results Excel workbook Period.xls to the Competitor Analysis firm using the worksheet is flagged green (see Exhibit 1). workbook as indicated in the Data Extraction Tables for the In order to compare the relative performance of the Competitor Analysis Worksheet (see Exhibits 2, 3 and 4). In competing firms, the Competitor Analysis worksheet extracts each of the Data Extraction Tables, the Excel worksheet (tab), and presents the earnings per share data for each company, as page number in the Excel-version of the COMPETE results well as data on each element of the marketing mix for each printout, and cell references for each account are shown in the SBU for each company. The broadcast, print and sales COMPETE Results Workbook table (on the right). The promotion budgets for each SBU (presented in $millions) in the corresponding cell references for each account are shown in the Excel version of the simulation results are each multiplied by Competitor Analysis worksheet table (on the left) in the Data 1,000,000 and presented in dollars in the Competitor Analysis Extraction Tables. Worksheet. The total advertising budget for each SBU is For instance, in the Data Extraction Table for the calculated by adding the extracted and converted broadcast Competitor Analysis worksheet - Marketing Mix 1 (see Exhibit (BC), print (PRT), and sales promotion (SP) budgets. 2), the Earnings per Share EPS - Company 1 in a specific period Based on usage of the BCG Growth Share Matrix (GSM) in cell B13 on the Competitor Analysis worksheet in Exhibit 1 and Growth Gain Matrix (GSM) generated for all companies by is extracted from cell E9 in the “EPS By Time Period” table on the Product Portfolio Analysis (PPA) package (Palia, 1995, the “EPS, Mkt%, SF Activity” worksheet of the COMPETE 1996, 2010, 2012; Palia et al.,2002), the user can first select the results workbook Period.xls. Similarly, the TST – Region 1 typology of each SBU (Healthy Star – H*, Sick Star – S*, Price for Companies 1, 2, 3, 4 and 5 in a specified period in Healthy Problem Child – H?, Sick Problem Child – S?, Healthy cells G9, G18, G27, G36 and G45 on the Competitor Analysis Cash Cow – H$, Sick Cash Cow – S$, Healthy Dog – HX, or worksheet in Exhibit 1 are extracted from cells D32, D33, D34, Sick Dog – SX) from drop windows provided for each SBU. D35 and D36 respectively in the “Price By Product By Region Next, based on static, comparative static and dynamic analysis By Company” table on the “Forecast, Prices” worksheet of the of the SBU portfolio, and a consideration of other factors (Palia, COMPETE results workbook. In addition, the TST – Region 1 1995, 1996, 2010, 2012; Palia et al., 2002), the user can select Quality for Companies 1, 2, 3, 4 and 5 in a specified period in the recommended strategy for each SBU (build share (offense) cells H9, H18, H27, H36 and H45 on the Competitor Analysis – BS(O), build share (defense) – BS(D), hold share – HS, worksheet in Exhibit 1 are extracted from cells F9, F10, F11, harvest – H, or divest/withdraw – D/W). Then, based on usage F12 and F13 in the “Quality Index By Company By Product” of the product positioning map generated for all nine SBUs by table on the “Quality, Dollar Sales” worksheet of the the Product Positioning Map (PPM) package (Palia, 1997, Palia COMPETE results workbook. et al. 2003, Palia & De Ryck, 2013), the user can select the Next, in the Data Extraction Table for the Competitor current position of each SBU (premium, high value, penetration Analysis worksheet – Marketing Mix 2 (see Exhibit 3), the TST or rip-off quadrant). – Region 1 BC (Broadcast Advertising) budget for Companies The relevant data are extracted from the COMPETE 1, 2, 3, 4 and 5 in a specified period in cells I9, I18, I27, I36 and

EXHIBIT 3 DATA EXTRACTION TABLE – COMPETITOR ANALYSIS WORKSHEET (MARKETING MIX 2)

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I45 on the Competitor Analysis worksheet in Exhibit 1 are Content” worksheet of the COMPETE results workbook extracted from cells E10, E13, E16, E19 and E22 respectively Period.xls. The TST - Region 1 Salesforce used by Companies in the “Advertising Expenditures By Medium By Product By 1, 2, 3, 4 and 5 in cells N9, N18, N27, N36, and N45 on the Region By Company (in Millions)” table on the “Full Ad., Competitor Analysis worksheet in Exhibit 1 are extracted from Content” worksheet of the COMPETE results workbook cells D19, D20, D21, D22 and D23 respectively in the Period.xls. Similarly, the TST – Region 1 PRT (Print “Salesforce Size By Region By Company” table on the Advertising) budget for Companies 1, 2, 3, 4 and 5 in a “Salesforce, Salaries” worksheet of the COMPETE results specified period in cells J9, J18, J27, J36 and J45 on the workbook. Finally, the company-wide Salesforce Salary and Competitor Analysis worksheet in Exhibit 1 are extracted from Salesforce Commission used by Company 1 in a specified cells F10, F13, F16, F19, and F22 respectively in the period in cells O13 and P13 respectively on the Competitor “Advertising Expenditures By Medium By Product By Region Analysis worksheet in Exhibit 1 are extracted from cells F35 By Company (in Millions)” table on the “Full Ad., Content” and E35 respectively in the “Commission Rate and Salary By worksheet of the COMPETE results workbook Period.xls. In Company” table on the “Salesforce, Salaries” worksheet of the addition, the TST – Region 1 SP (Sales Promotion) budget for COMPETE results workbook. Companies 1, 2, 3, 4 and 5 in a specified period in cells K9, In summary, the Competitor Analysis worksheet (see K18, K27, K36 and K45 on the Competitor Analysis worksheet Exhibit 1) extracts and presents (a) the Earnings per Share, (b) in Exhibit 1 are extracted from cells G10, G13, G16, G19, and salesforce salary and commission (company-wide decisions), G22 respectively in the “Advertising Expenditures By Medium (c) quality (product-specific attribute), (d) salesforce size By Product By Region By Company (in Millions)” table on the (region-specific decisions), (e) price, broadcast (BC), print (P) “Full Ad., Content” worksheet of the COMPETE results and sales promotion (SP) media-specific advertising $s (SBU- workbook Period.xls. Since the broadcast (BC), PRT (print) specific decisions), and (f) calculates, the total advertising and SP (Sales Promotion) budgets are reported in Millions in budget (sum of broadcast, print and sales promotion media the COMPETE results workbook Period.xls, they are converted decisions) for each SBU of all competing firms from the to dollar budgets by multiplying each budget by 1,000,000 in COMPETE results workbook Period.xls. Further, the the Competitor Analysis worksheet (see Exhibit 1). Competitor Analysis worksheet extracts the name, company Further, in the Data Extraction Table for the Competitor number and period number at the top of the worksheet. Finally, Analysis worksheet – Marketing Mix 3 (see Exhibit 4), the TST the company number of the team using the worksheet is flagged - Region 1 Advertising Copy used by Companies 1, 2, 3, 4 and (light green cell background fill) in order to facilitate 5 in a specified period in cells M9, M18, M27, M36 and M45 competitor analysis (see Exhibit 1). The use of external links on the Competitor Analysis worksheet in Exhibit 1 are extracted ensures relevant data are extracted from relevant sources from cells D31, D32, D33, D34 and D35 respectively in the (statements) in the simulation results and precludes data entry “Ad Content By Product By Region” table on the “Full Ad, error. EXHIBIT 4 DATA EXTRACTION TABLE – COMPETITOR ANALYSIS WORKSHEET (MARKETING MIX 3)

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The Competitor Analysis Package Version 2.0 enables the the marketing mix (column) for a specific SBU (row) is ranked competing teams to (a) monitor company and SBU-specific relative to corresponding SBUs for the pre-selected competitors. performance of all competing firms, (b) identify relative The ranks are color-coded with Excel-recognized colors in strengths and weaknesses of each element of the marketing mix order to facilitate analysis. For instance, a cell-fill color of for each SBU of all competing firms, and (c) implement the bright green signifies rank 1 (lowest SBU price, largest SBU competitor analysis component of external analysis (the O advertising media budget, largest regional salesforce size, (opportunities) and T (threats) of traditional SWOT analysis in highest product quality index, highest company-wide salesforce strategic market management), In addition, this package enables salary and commission). Rank 2 is colored gold, rank 3 is competing teams to evaluate competitors (step 4 of the strategic colored light orange, rank 4 is colored orange, and rank 5 is market planning process) in order to develop a cogent and colored red (see Exhibit 6). Only those companies and SBUs persuasive strategic market plan. selected when configuring a new analysis on the “Compare A tab labeled “Compete” at the top of the Competitor Companies” pop-up window are color-coded. The “Clear” Analysis worksheet was developed using the Custom UI Editor button enables the user to reset the worksheet for subsequent (http://openxmldeveloper.org/blog/b/openxmldeveloper/ analysis of other competitors and/or SBUs. This “Clear” button archive/2009/08/07/7293.aspx). This “Compete” tab contains should be selected before configuring a new analysis and prior three buttons: Configure, Analyze and Clear which are meant to to exiting the program. be used in this order. When selected, this tab enables the user The web-based Competitor Analysis Package Version 2.0 to (a) configure the analysis, (b) analyze the selected is accessible online to competing participant teams in the competitors and SBUs, and (c) clear the worksheet for marketing simulation COMPETE. The Competitor Analysis subsequent re-configuration and analysis. When the Package Version 2.0 is a zipped folder Competitor Analysis.zip “Configure” button is selected, the user can select one or more that consists of an Excel workbook file Competitor.xlsm with competitors and one or more SBUs to be analyzed (see Exhibit external links to the Excel version of sample COMPETE results 5). The user company is pre-selected and flagged light-green by (output) Period.xls for a specific period. default in order to enable the user to analyze one or more SBUs for one or more specific competitors relative to their own SBU/ s. Next, when the “Analyze” button is selected, each element of

EXHIBIT 5 CONFIGURE OPTION – COMPARE COMPANIES POP-UP WINDOW BLANK

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COMPETITOR ANALYSIS one competitor. First, they use the “Configure” option to select PACKAGE PROCESS three specific SBUs (TST-Region 1, CVE-Region 2, and SSL- Region 3) of Company 1 in the “Compare Companies” pop-up window during Period 6 (see Exhibit 7). Next, they select the First, the user downloads and unzips the Competitor “Analyze” option to rank order and color-code the rankings of Analysis.zip folder for a specific period. Next, the user logs in each element of the marketing mix only for the three selected to CODES and downloads, renames and saves the Excel version SBUs both for the selected company 1 as well as their own of results for a specific decision period (quarter) as Period.xls in company. the unzipped “C:\Competitor Analysis” directory. Then, the The resulting Competitor Analysis worksheet (see Exhibit user opens and updates the Competitor Analysis.xlsm workbook 8) indicates (on the left) that Company 1’s earnings per share of with data extracted via external links from the Period.xls file. $0.12 is less than the leading $1.00 earnings per share of the Next, the user selects the Compete tab at the top of the market leader Company 5. The highlighted cells indicate that Competitor Analysis worksheet. This reveals three buttons Company 1’s TST (Total Spectrum Television) - Region 1 has “Configure,” “Analyze” and “Clear” at the top left of the the lowest price ($4,500), highest broadcast (BC) advertising worksheet. The “Configure” option launches a “Compare budget ($160,000), and highest salesforce commission (3.0%), Companies” pop-up window which enables the user to select all colored bright green signifying 1st rank (see row 1). Yet, one or more companies and one or more SBUs for subsequent their TST – Region 1 has a 3rd ranked sales promotion (SP) analysis. Then, the user selects the “Analyze” option to rank advertising budget ($90,000) as well as total advertising budget and color code each element of the marketing mix for each of ($320,000), all colored light orange. In addition, their TST – the selected companies and SBUs. Later, the user selects the Region 1 has relatively weak (4th ranked in orange) quality “Clear” option to reset the worksheet and revert to the original index (102), print (PRT) advertising budget ($70,000), regional display for subsequent analysis of other competitors. salesforce size (37) and salesforce salary ($4,000). Finally, company 1’s TST – Region 1 does not have any 5th ranked (in SPECIFIC COMPETITOR ANALYSIS PROCESS red) elements of the marketing mix (see Exhibit 7). The Advertising Copy column is not ranked as the number in each For example, the executives of one of the competing row is the advertising copy code that denotes the advertising participant teams TriniTech (Company 2) first use the message used (1=low price, 2=high quality, 3=product features, Competitor Analysis package to analyze three specific SBUs of 4=customer benefits, 5=warranty, service, convenience). Then,

EXHIBIT 6 ANALYZE OPTION – COLOR-CODED COMPETITOR ANALYSIS WORKSHEET

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EXHIBIT 7 CONFIGURE OPTION – TST-R1, CVE-R2 AND SSL-R3 FOR COMPANY 1 SELECTED

EXHIBIT 8 COMPETITOR ANALYSIS WORKSHEET – SELECTED SBUS FOR COMPANY 1

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the executives of TriniTech select the “Clear” option to reset the STRATEGIC MARKET PLANNING PROCESS worksheet and revert to the original display for subsequent analysis of other competitors. Subsequently, TriniTech (Company 2) executives use the Competitor Analysis package to implement the six-step EXTERNAL (SWOT) ANALYSIS PROCESS strategic market plan process. They check the internal balance (step 1) and trends in their own brand portfolio (step 2) and the Later, TriniTech (Company 2) executives implement the brand portfolios of their competitors (step 3) using the growth competitor analysis component of external analysis (the O share matrix and growth gain matrix displays of the Product (opportunities) and T (threats) of traditional SWOT analysis in Portfolio Analysis (PPA) graphics package. Based on this strategic market management). They use the “Configure” analysis, they select the PPA typology and recommended option to select all nine SBUs of all four competitors 1, 3, 4 and strategy for each SBU from the respective drop window lists. 5 in the “Compare Companies” pop-up window (see Exhibit 9). For instance, they select the H? for the TST-Region 1 typology Next, they select the “Analyze” option to rank order and color- for Company 1 to designate this SBU as a healthy problem code the rankings of each element of the marketing mix for all child (question mark) with a BS(O) build share (on offense) nine SBUs of all four competitors as well as their own recommended strategy (see Exhibit 11, row 1). company. Then, they check the position of each SBU using the The resulting Competitor Analysis worksheet (See Exhibit Product Positioning Map (PPM) graphics package and select the 10) ranks and color-codes each element of the marketing mix of PPM position for each SBU from the respective drop window all four competitors as well as their own company. This lists. For instance, they select the “Penetration” quadrant comprehensive display will enable the executives to (a) position for the TST-Region for Company 1 (see Exhibit 10, determine the relative strengths and weaknesses of each element row 1). Next, they consider other internal and external factors of the marketing mix of each competitor, (b) organize and not captured in the growth share and growth gain matrices (step present the relative strengths and weaknesses of each 4) and develop a tentative strategic market plan (step 5) competitor in their competitor analysis component of the matching resource allocation with SBU potential. external analysis (customer, competitor, market and During this penultimate step 5, the executives can assess environment analyses) section of their strategic (SWOT) the relative strengths and weaknesses of SBUs with promising analysis. potential such as the TST-Region 1, CVE-Region 2, and SSL- Region 3 (for each competitor) before deciding to allocate EXHIBIT 9 CONFIGURE OPTION – ALL 9 SBUS FOR ALL FOUR COMPETITORS SELECTED

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EXHIBIT 10 COMPETITOR ANALYSIS WORKSHEET – ALL SBUS FOR ALL COMPETITORS

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resources to these SBUs in their own portfolio in order to build CONCLUSION share, hold share, harvest or divest/withdraw each SBU. Accordingly, they check the corresponding SBUs (such as TST- Region 1, CVE-Region 2 and SSL-Region 3) for each The Web-based Competitor Analysis Package is a user- competitor to determine whether their own SBUs are centered learning tool that helps to prepare students for competitive before finalizing their own strategic market plan. marketing decision-making responsibilities in their future careers. The package enables users to apply competitor STRENGTHS AND LIMITATIONS analysis, SWOT analysis, and strategic market planning, and determine whether each SBU in their brand portfolio is contributing to the overall company profit or loss. Participants The Competitor Analysis package can be used to: (a) assess use the Competitor Analysis Package to assess the relative the strengths and weaknesses of specific competitors and SBUs, strengths and weaknesses of the marketing mix of each of their (b) implement an external analysis as part of a SWOT analysis, competitors. This Web-based Competitor Analysis Package and (c) evaluate competitors and develop a strategic market facilitates the integration of computers, the Internet and the plan. World Wide Web into the marketing curriculum. Company and SBU-specific competitor analysis can help management identify (a) the relative strengths and weaknesses REFERENCES of each element of the competitors’ marketing mix, and (b) the primary reasons for lack of contribution to margin of poorly of Aaker, D. A. (2014). Strategic Market Management. New SBUs. 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