SPACE is an abbreviation for “Strategic Position and Action Evaluation.” It identifies the strengths and weaknesses of a business’s activities, with the primary focus being on the product and financial capabilities of the organization.
The following criteria will help to accurately determine the strategic position of the brand and to compile a report, which is necessary for the future development of a marketing strategy taking into account the activities of competitive firms:
assessment of the financial paytm database condition of the organization taking into account all accounts payable and other debts, profit and profitability indicators;
analysis of the company's position in the market;
determination of the potential capabilities of the organization taking into account the use of all available resources;
assessment of industry stability.
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Effective methods of fighting competitors
There are two main tactics of competitive struggle:
Active or offensive
This tactic refers to actions aimed at intensifying the confrontation, the purpose of which is to capture a certain market share. This scheme is usually used against key competitors, as it justifies any actions to attract potential customers to their products. Offensive tactics consist of the following elements:
Frontal attack. In this case, there is a full-scale attack on the competitor in all directions - products, promotion and prices. The participant in the frontal attack uses their own tools in the fight against key competitors, trying to surpass them in intensity. For example, if the competitor is engaged in promoting the product mainly through advertising, then you should do the same, only many times more actively. And then, against the background of your success, the competitor's results will be weak.
Effective methods of fighting competitors
Flank attack. The attack is organized on the weakest side of the enemy's activity. This scheme is mainly chosen by those companies that are limited in resources. They cannot attack in all directions, so they choose bypass routes. This tactic is aimed at filling the market segment with goods in which there are unsatisfied needs. For example, with a high level of technological development, Japan has become a leading manufacturer of economy-class cars. In practice, the higher efficiency of a flank attack has already been proven over a frontal one.
Encirclement or siege. All actions of a competing company are studied at length and in detail for weaknesses. The motto of this tactic is "Slowly but surely." It is a bit like a flank attack used by smaller organizations.
Bypass. Its adherents prefer to avoid direct competition. The company consistently and carefully develops its know-how, produces goods that do not intersect with the area of interest of key competitors.