Preparing your restaurant marketing plan or strategic plan, competitive analysis is vital and it is quite easy with availability of template for it. Moreover it is actually an analysis of your restaurant products with other restaurants in the market.
Due to lack of this evaluation, many companies face failure as competition is growing rapidly! To tell the truth, actually coming up with the plan to beat your competitors is possible with detailed analysis of them with your restaurant! Your competitors are those people, who are sharing your market profit, which can be earned by you.
How to Write a Competitor Analysis for a Business Plan?
“Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment.” (Wikipedia)
Content Of Restaurant Competitive Analysis Template
Take a look at the content of template and use it efficiently:
Row 1: Look out for the headings. In all the cells headings are available like my business, strengths, weaknesses, competitor A & competitor B.
Row 2: Time to fill the cells under the headings. The main item is products. you need to fill out all the details mentioned above in each cell under the heading!
Row 3 & 4: Quality and selection are main components in row 3 and 4. Fill out business, strength, weaknesses, competitor A & competitor B in respected cells.
Row 5 & 6: You need to fill reliability and stability in the template under each heading! This saves your time and keeps the data organized.
Row 7 & 8: Time to fill expertise and company components for all of the headings in each column. Start filling the cells with information required!
Row 9 & 10: Determine who the competitors are with help of location and appearance in row 9 and 10. Go quickly and add the data under each heading.
Row 11 &12: Scope and nature of your restaurant can be determined easily with components here like sales method and credit policies. Start entering the data in the cells now.
Row 13 & 14: Last rows of the template restaurant competitor analysis consist of advertising and image. When filled appropriately, it can keep your data organized.
Features of The Restaurant Competitive Analysis Template
Still confused? Let’s have a look at the main features of the template:
- Easy to fill- all the headings are available, you need to just enter the data and you can determine your competitors easily at the end!
- Appropriate to share- it is suitable to use online and offline! You are able to share it with the other important persons on multiple devices.
- Fully customized sheet- if you are not satisfied with the template and want to make additions or deletions, you are free to make them! You can make changing’s in the font as well!
- Free to ask- once downloaded and you are facing any difficulty in using it, you are able to ask our expert & friendly team members. Get any additional support from us as well!
For more information on restaurant competitive analysis template, check here Access-Tracker Free template and start your financial annual report.