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Competitor Profiles

Competitor Profiles. Competitor Profiles. Who are your competitors? Do they vary by customer segment? What about substitutes? What do you need to know about them? Customer segment(s) they serve (Customer wants/needs? Preferences? Demographics?) Specific product(s)/service(s) they offer

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Competitor Profiles

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  1. Competitor Profiles

  2. Competitor Profiles • Who are your competitors? • Do they vary by customer segment? What about substitutes? • What do you need to know about them? • Customer segment(s) they serve (Customer wants/needs? Preferences? Demographics?) • Specific product(s)/service(s) they offer • Image? • Features/benefits? • Promotions? • Pricing? • Advertising Media? • Major strengths/weaknesses • Existing customer base? • Financial resources? • Product/service niches? • How you plan to differentiate yourself from them

  3. Competitor Profiles – Example (Yoga Studio) Customer Vignette – Middle Income Urban Professionals: This group is the core segment of potential students of the yoga studio. Their demographic characteristics are the following: • Ages: 23-40. • Sex: 30% male, 70% female. • Family Income: $30,000-$50,000. • Health/Lifestyle: Active individuals that are focused on healthy food and dieting. Over 70% of this group are members of gyms. Approximately, 40% of potential customers have taken yoga classes before. • Social Pattern: Will more likely attend as part of group. • Center's selling point: Close to work. The classes lower stress. Can be attended with workmates as group activity.

  4. Competitor Profiles – Example (Yoga Studio) • Simply Power Yoga • Customer Segment: Middle-income urban females • Specific product/service: Standard Yoga classes • Image: Practical presentation and organization of activities. Blend of fitness and wellness foci. • Features/benefits: Two locations. Wide range of classes. Existing community of members and instructors. • Promotions: Intro rate for one month of “testing” classes. • Pricing:$30 for 30 days of unlimited Yoga. • Advertising media:Word of Mouth, SEO,Facebook, Blogging, ??? (ask beta customers, search online). • Major strengths/weaknesses: • Strengths: Installed base of members & instructors, financial resources. • Weaknesses: Physical locations, need to appeal to broad base. • Target differentiation focus: Individualized wellness plans, flexible geographic location.

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