Why is understanding competitive landscape important to firm

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Reference no: EM131471836

WindowsWear currently maintains a digital database of images or photographs of window displays. The company is looking at the possibility of taking the actual physical displays and creating an exhibit or museum space that people could go to and view the displays.

For example, have you ever been to the Metropolitan Museum of Art? They occasionally have fashion exhibits that you can go visit. WindowsWear is considering the feasibility of doing the same thing.

So your overall assignment is to see if WindowsWear can accomplish the same type of thing. You are researching the Museum Industry (looking at competition, possible economics, etc.) to see if WindowsWear should take the leap and create this museum space.

5-Competitive Analysis

SHOULD WINDOWSWEAR CREATE A MUSEUM?

Background:

In general, what is meant by Competitive Analysis?

Why is understanding the competitive landscape important to a firm?

Introduction:

In what specific ways does a firm undertake this analysis and what tools can they use?

Describe the various ways Competitive Analysis informs the Strategic Plan.

What benefits can a company derive from using this Analysis?

Analysis:

What competitors will the WW Museum face – other ‘like’ organizations, museums, etc... either locally, regionally or internationally?

What strategies can be employed to raise its’s tourist profile in NYC?

Are there related industry or local enterprises WWM can partner with either for programming, image-raising or fundraising?

Conclusion Recommendations:

Based on the above Competitive Analysis we recommend (not recommend) implementing these initiatives (and why). Be sure to consider the financial implications of your decisions.

Reference no: EM131471836

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