Competitors’ analysis is a strategic management tool, which assists a company analyze strengths and weaknesses of its competitors; competitors are businesses in the same line of business (selling similar/same products) or businesses trading in substitute goods and/or services.
The main objective of undertaking a competitors’ analysis is to seek for sound information that can assist a company in effective strategy formulation, implementation, monitoring, and adjustment (Ricky, 2004).
Foreign Language Bookshop is an international bookshop company founded by William Bernard Wigston (WB) in 1938 at Bourke Street, Melbourne; the main vision of the company is to offer variety of books in different languages to assist migrants cope easily in their new environments. Since its incorporation, the company has grown from strength to strength; however, the growth has not been without business challenges.
The main business competitor of foreign language Bookshop is Language International Bookshop (Foreign Language Bookshop Official Website, 2011). This paper undertakes a competitor analysis of Foreign Language Bookshop; it will focus only on Language International Bookshop (the main competitor).
Language International Bookshop
The company was established in the 198s with the sole aim of importing foreign language resources in Australia and New Zealand; it has been able to clinch into this market effectively.
The company came into operation when technology was on the rise; the main aim of the company is to develop a library of database that will offer a variety of material and resources in different languages (Language International Bookshop Official Website, 2011).
Foreign Language Bookshop has its overriding advantage over Language International Bookshop as it has a stronger reputation build over time; the company has been in operation for over half a century before the development of Language International Bookshop, it thus has been able to make close linkage with consumers of its products.
the bookshop boosts as the oldest and most equipped language company in the world with over 125 languages to offer; being old in the business has benefited the company with a variety of materials (old materials), that seem not to be freely available in the market today. Some of these material are the main areas of concern by some readers particularly those who are interested in historical happenings.
Both of the customers have diversified their business and have the international market as the main target customers, they have different options for shipping, and paying methods that are flexible according to the needs of a particular customer; this undoubting has increased customer perception and eased business among them.
The approach taken by Language International Bookshop is seen to take the company a notch higher; this is so because it has an option of e-book downloads after paying for some downloading rates. This option in the wake of technological development offers the company an upper hand, it can be able to sell the rights at an affordable rate and still make some gains out of the transaction.
Although Foreign Language Bookshop also realizes the goodies it can derive from online business, the company seems to be dragging its feet in tapping the benefits offered by the market; this has enabled Language International Bookshop develop slight competitive market.
When comparing the two websites of the companies, Foreign Language Bookshop website is friendlier than that of Language International Bookshop; this is so because a visitor can easily navigate in the site without the need of assistance; it is more users friendly.
When visiting the company’s website both require someone to sign in after filing a free form, they both do not have live chats (Language International Bookshop Official Website, 2011).
The location of Foreign Language Bookshop offers the company with a competitive advantage; it is at the heart of Melbourne CBD and stocks a variety of materials in the store; the materials are of different languages, and can be accessed easily.
Other than the accessibility of the stores, the human capital deployed in the stores offers the company an upper hand; they come from different ethical backgrounds an can easily communicate in different languages.
This offers shoppers a pleasant experience and they can feel at home in the company; other than the books, the company has some lessons to foreign customers to improve their stay and interaction with the people of Australia.
In the company’s philosophy and corporate mission, the role played by internal customers is largely recognized, the company aims at having a positive organizational culture so as its customers can have a pleasant shopping.
The approach taken by Foreign Language Bookshop of having a store where it can handle customer’s needs continues to create a customer touch and feel that builds customer loyalty and customer confidence with the company.
On the other hand, although online library has a better access to a variety of customers, Language International Bookshop, lacks the customer touch, thus creating close customer connection, loyalty and relationship is hard.
Conclusion
The success of Foreign Language Bookshop can be attributed to its experienced and diversified human resources as well as the variety of books. The company has books in more than 125 languages in its strategically positioned stores.
The main competitor of the company is an online bookshop company called Language International Bookshop, which seems to have better online services that Foreign Language Bookshop; on its part, Foreign Language Bookshop has embarked on massive technological developments to remain stand strong in the wave of competition.
References
Foreign Language Bookshop Official Website., 2011. [online]. Web.
Language International Bookshop Official Website. ,2011. [online]. Available at: https://languageint.com.au/ .
Ricky, W. ,2004. Fundamentals of Management. New York: Cengage Publishing Company.