Using a Matrix to Determine Your Position

One tool that can be very helpful is a competitive analysis matrix. A matrix allows you to compare yourself and your competitors against a list of key attributes that are important to your target audience. The ability to produce such a matrix, of course, requires that you have effectively gathered accurate information about your customers’ requirements and preferences and about your competitors. We’ll assume this is true.
A basic matrix can be produced simply by identifying your key competitors and the attributes that you feel represent competitive factors. Let’s say you’re thinking of opening a locally owned fast-food restaurant. You know that you will face a lot of competition from national chains, ...

Get The Complete Idiot's Guide® To Strategic Planning now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.