The Saudi Arabian market is one of the largest and fastest-growing in the world. With a population of over 35 million people and a GDP of over $800 billion, Saudi Arabia offers significant opportunities for businesses of all sizes. However, the Saudi Arabian market is also highly competitive, so it is important for businesses to have a deep understanding of their competitors before entering or expanding into the market. A competitive analysis is a process of identifying and evaluating the key competitors in a particular market. By conducting a competitive analysis, businesses can gain insights into their competitors’ strengths, weaknesses, opportunities, and threats. This information can then be used to develop strategies to gain a competitive advantage.
How to Conduct a Competitive Analysis in the Saudi Arabian MarketTo conduct a competitive analysis in the Saudi Arabian market, businesses should follow these steps:
- Identify your competitors. The first step is to identify your key competitors in the Saudi Arabian market. This can be done by conducting market research, talking to industry experts, and analyzing industry publications.
- Gather information about your competitors. Once you have identified your key competitors, you need to gather information about them. This information can include their products and services, pricing, marketing strategies, and customer base.
- Analyze your competitors’ strengths and weaknesses. Once you have gathered information about your competitors, you need to analyze their strengths and weaknesses. This will help you to understand what they are doing well and what they could be doing better.
- Identify opportunities and threats. In addition to analyzing your competitors’ strengths and weaknesses, you also need to identify opportunities and threats in the Saudi Arabian market. Opportunities are factors that could help your business to succeed, while threats are factors that could hinder your success.
- Develop strategies to gain a competitive advantage. Based on your analysis of your competitors and the Saudi Arabian market, you need to develop strategies to gain a competitive advantage. This may involve developing new products or services, entering new markets, or improving your marketing strategies.
How Starbucks Used Competitive Analysis to Enter the Saudi Arabian MarketBefore entering the Saudi Arabian market, Starbucks conducted a competitive analysis to identify its key competitors, their strengths and weaknesses, and the opportunities and threats in the market. This helped Starbucks to develop a strategy that was focused on offering a high level of product customization and customer service, while also complying with Saudi Arabian regulations. and now Starbucks reaches 400 stores in Saudi Arabia with new Reserve outlet according to the world coffee portal article
Resources for Conducting a Competitive Analysis in the Saudi Arabian MarketThere are a number of resources that businesses can use to conduct a competitive analysis in the Saudi Arabian market. These resources include:
- Government websites: The Saudi Arabian government provides a number of websites that offer information about the Saudi Arabian economy and market. These websites include the Ministry of Commerce and Industry and the Saudi Arabian General Investment Authority.
- Industry reports: There are a number of industry reports that provide information about the Saudi Arabian market and its key players. These reports can be purchased from market research firms such as Frost & Sullivan and Euromonitor International.