Equine Science-competitive analysis

There are three types of competitors that your company need to be aware of.  These are:

1. Direct competitors
2. Indirect competitors
3. Future competitors

The main reason for undertaking a competitive analysis is to gain an understanding into what your competitors are doing at the moment.  The findings from this analysis can then be used to create your companies.
However before this can happen companies should follow a number of steps:

1. What exactly is your target market?
2. Identify your direct competitors
3. Analyse all of your competitors
4. Conduct a summary of all your competitors products/services and their current marketing strategies
5. Comapare your offerings to your competitors
6. Repeat this analysis at least once a year

Companies can also use Porter's Five Force Model to identify the forces that may affect the level of competition in the industry.
The five forces are:

1. Threat of new entrants
2. Threat of buyers
3. Threat of Suppliers
4. Substitutes
5. Rivalry amongst competition

(use the Ryanaire case study for examples of each of these)