When it comes to ocean carrier services marketing, understanding the competitive landscape is key. Competitive analysis helps ocean carriers identify the strengths and weaknesses of their competitors, as well as opportunities and threats.
In this blog post, we’ll discuss the importance of competitive analysis for ocean carrier marketing, and provide some tips and tricks that would help you complete a comprehensive competitive analysis for other brands as well.
What is a Competitive Market Analysis?
In marketing terms, competitive analysis is actually a strategy which involves digging into the marketing strategies of major competitors.
In addition to this, this analysis also requires getting complete insights about competitor products, sales, promotions and other techniques. In simple words, spying on your competitors every step is a part of competitor analysis.
This is very important in modern day’s business as it helps you create and implement stronger strategies, beat your competitors and enjoy many other unsaid benefits.
A brief competitive analysis can easily help you learn ins and outs of your competition and how they work.
You can easily out-perform them by learning from their mistakes and finding loopholes in their strategies.
It also helps a business meet and exceed current industry standards.
Below we have listed some of the benefits of conducting a competitive analysis:
- You can easily identify the USP of your products and make them different and better than your competitors.
- You can learn from the failures of your competitors and avoid the mistakes they made.
- You can find out about the shortcomings of your competition and take advantage of this information against them.
- You can learn through the reviews of their customers and find out how to snatch them and provide your products.
- You can set a benchmark against which you can measure your company’s growth.
Short Analysis of Ocean Carrier/Freight Exchange!
Ocean carrier which is commonly known as ocean freight exchange is one of the most well-known marine shipping and transportation companies in the United States.
The company is based in New York and has been working in this industry since the last many years.
Currently the company operates and has offices in New York and Hong Kong! It operates iron ore carriers which have gigantic capacities of more than 200,000 tons and ships goods worldwide.
The ocean carrier in 2001 was in negotiations with a company to lease one of their cargo ships for three years. The president of the finance department of the company, Marry Lin, had to evaluate whether the proposal was profitable for the company or not.
This was because the company had to buy an additional ship to meet the needs of the client and continue its regular operations.
Lin had two options, the first one was to reject the proposal and continue its operations with its current fleet and the second option was to invest a serious amount of capital in a new vessel for the sake of commitment with the client.
The executive position holders of the company concluded that they had to increase their average daily hire rates in order to meet the installments of the new vessel and to increase the profit rates in the coming years.
To learn more about how ocean carriers decided on this deal, read on the in-depth ocean carrier case solution!
List of Competitors of Ocean Freight Exchange!
Here are some of the competitors that ocean carrier analyzed before making a decision:
- Horizon Ship Brokers owned by Hal Oakes is also a popular ship transportation company in the US.The net worth of this company is less than 9 million dollars and has been in business since the 1970s. This is one of the major competitors of Ocean Carrier.
- Alesta international is another transportation company having a net worth of 5 million dollars. This private company has been in business since 2008.
- The third competitor was ship trust. The company is relatively smaller than ocean carriers and has a net worth of less than 4.5 million US dollars. It started its operations in the US in 2009.
- Offshore marine services is also one of the growing competitors of ocean carriers. It has been in this league since 2008 and is currently managed by Venzy Viegas.
- Toan Thang shipping in Hong Kong is another big private company that is known to be a competitor of Ocean carrier.
These are some of the most major competitors of Ocean carrier which it takes into consideration while doing competitor analysis and setting its marketing strategies.
Where to Find Complete and Accurate Case Study Solutions Online?
Case study solutions are very important for college students especially those who are studying business.
A case study solution can help students devise different marketing strategies for different kinds of businesses and can also help them learn how big brands operate in the practical world. Finding accurate case study solutions is very easy today.
Students can find complete case study solutions on Case Professor. Case professors is a very reliable website and resource for those of you who are looking for not only case study solutions but a one stop solution for academic writing help.
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Conclusion
Here in this post we have discussed what competitor analysis is in business terms and how it can be advantageous for a business.
We have briefly explained why it is important for a business to do competitor analysis to be successful. You would also find a short analysis of ocean carriers in this post.
For an in-depth solution we would suggest you visit case professors as it is a reliable source for finding 100% accurate case study solutions.
