Monroe Community College Market and Competitors Analysis 1. Please comment about market and competitors analysis written below (You can just explain it in

Monroe Community College Market and Competitors Analysis 1. Please comment about market and competitors analysis written below (You can just explain it in a paragraph). You can add points to what its written. You can relate it to how it applies to past or current news events.

Market and Competitors Analysis

According to Proctor (2000), market analysis evaluates strategic windows of opportunity in the market, factors that influence it, and competition in the market. It builds on market segmentation, competitive positioning, customer demands and available supply resources to gain a competitive advantage. A market analysis may include factors such as actual and potential market size or service area, market growth, market profitability, and cost structure. It includes distribution systems, trends, developments, and key success factors (Proctor, 2000). Evaluating these key items allows us to understand the changes that are taking place in the market, so that leaders can figure out how their organization will react to them.

Evaluating the market allows organizations to draw implications on how the market will grow and develop to make short- and long-term forecasts. First the market size should be determined by looking at government sources and trade associations. Information can also be gathered from published financial sources, according to Proctor (2000). Then market growth can be evaluated by identifying driving forces or the factors that drive sales, forecasting growth by measuring market demands, and detecting maturity and decline, according to Proctor (2000).

Forecasting growth includes a clear definition of market demands can be measured by product level sales, which are product item, product form, product line, company, industry or national sales. They can be measured on space levels, which include individual customers, territory sales, and area, country or international sales. Lastly, they can be measured on time levels, which include short, medium or long range sales. They can also be defined by identification of markets. This includes penetrated markets, potential markets, available markets and served markets (Proctor, 2000).

Evaluating market growth also includes detecting maturity and decline, according to Proctor (2000). This includes monitoring the product life cycle. Factors that can determine the onset of maturity or decline includes price pressure from over-capacity and the lack of product differentiation. It includes buys being smarter about products, and doing independent research, which leads them to be less willing to buy a product. It includes substitute products, market saturation or full penetration, or customers lack of interest in the product (Proctor, 2000).

Proctor’s onset of maturity and decline also coincides with factors that influence industry competition. According to Ginter (2018), Michael Porter developed a five force framework for analyzing the external environment, and to understand the competitive dynamics of the industry. They include analyzing the threat of new entrants into the market, and intensity of rivalry among existing organizations. They also include the threat of substitute products and services, the bargaining power of customers, bargaining power of suppliers, and governmental influences (Ginter, 2018). Other strategy typologies include looking at frameworks that consider firms according to their position in the market. These include the market leader, market challenger, market follower and market nicher (Proctor, 2000).

According to Proctor a competitor’s analysis should include identifying the competitors, and understanding the competitors strategies. It should include benchmarking and comparing performance and management processes. It also involves checking changes in the market or market signals (Proctor, 2000).

The competitors analysis is a tool to help organize important information. Ginter, refers to this entire process as a service area competitors analysis. According to Ginter (2018), it’s “the science of anticipating the direction of change.” It allows organizations to know the competitors in the geographic service area, identifies vulnerabilities, strengths, weaknesses and impacts of strategic decision making on their position in the market. It also enables organizations to avoid surprises in the marketplace, allows leaders to evaluate assumptions, and opens awareness in the external environment (Ginter, 2018).

Doing a competitors analysis builds a consensus on the capabilities and goals of the organization, according to Ginter (2018). It fosters integrative strategic thinking, viable strategies and their successful implementation. It helps anticipate the competitors moves and shortens the time needed to respond to them for a competitive advantage, or to reach strategic momentum (Ginter, 2018).

2) Please summarize the video in 250 – 350 words. Below is the link.