Rojhun Quilapio

BSTM-M601
Entrepreneurship in Tourism and Hospitality

09 Quiz 1 Answer

In understanding the position of Mr. Timado's Spas and Massage Services' major competitors,
the application of competitor analysis is a must, and knowing who the competition is the first
step. The business competitor of Mr. Timado's Spas and Massage is the mentioned new venture
that just opened in front of his enterprise that has the same Spas and Massage service as Mr.
Timado does. The business competitor was found after Mr. Timado celebrated its second year of
business and because of the promos and the new offers of the venture, many customers
patronized it and most of his loyal customers stayed with them. The new venture that just opened
in front of Mr. Timado's enterprise is a type of direct competitor since it offers the same Spas and
Massage service as Mr. Timado's established business. The role of competition between the two
is whose venture will offer a more exceptional and sophisticating service than the others, and
which venture will win the loyalty of usual customers. For Mr. Timado to win, he needs to outline
the competitive analysis grid since the new venture could be a threat to his business. Mr. Timado
should have a competitor's overview which gives the details about the competitor in terms of its
revenue, market share, the company size, information about their management team, the broad
description of competitor's strengths and weaknesses, and an overview of how the competitor
is perceived by the customers. The next step for Mr. Timado is to do market research which
covers both primary market research and secondary market research. And finally, Mr. Timado
should apply a comparison matrix between his business and the new venture, in this way, Mr.
Timado can pin down every area of his business that needs to improve, that need's to expand,
and as well as the needs to eliminate.