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Industry Knowledge

Using knowledge of economic, social, cultural, and business environment, including competitive and customer behavior trends, to gain an organizational advantage.
Level 1 Introductory: Demonstrates introductory understanding and ability and, with guidance, applies the competency in a few, simple situations. Can direct people to the appropriate source for further information.

BEHAVIORS

  • Demonstrates an understanding of own organization’s industry and position in the market.
  • Demonstrates awareness of who the competitors are in the marketplace.
  • Performs preliminary research on own organization’s industry and competitors.

QUESTIONS

  • Tell me about a time when you gathered preliminary research on a client before meeting or speaking with them.

Probing Questions

* What research was completed?

* Where did you go to find this research?

* How did the research prepare you for the meeting?

* What was the result of the meeting?

  • Describe a time when you conducted research on your organization's industry.

Probing Questions

* What was the purpose of this research?

* What type of information did you research on?

* How did you go about collecting this information?

* What was the impact of this information on your performance?

Level 2 Basic: Demonstrates basic knowledge and ability and, with guidance, can apply the competency in common situations that present limited difficulties.

BEHAVIORS

  • Demonstrates knowledge of main competitors’ positions in the market.
  • Demonstrates knowledge of the main competitor’s products/services.
  • Pitches own organization against the competition in generic terms.
  • Demonstrates an understanding of the concept and potential of indirect competition.
  • Identifies related industries that may have an impact on their own industry.
  • Demonstrates a thorough understanding of own organization’s industry.

QUESTIONS

  • How do you gain information on the main competitors' products/services? Provide an example of when you have done this.

Probing Questions

* What were the circumstances?

* How did you determine who the main competitors were?

* What information did you use?

* How did you use this information?

  • Describe a time when you pitched your product/service's value-added features against the rest of the market.

Probing Questions

* What was the circumstance?

* What were the features that you pitched?

* What steps did you take to develop your pitch and differentiate your product in the market?

* How did the client/customer react?

  • Explain a time when you were able to use your industry knowledge to solve a problem.

Probing Questions

* What was the problem?

* What was your role in the decision?

* What steps did you take?

* What was the outcome?

  • Describe a situation where you were able to direct a fellow employee to a current industry resource for additional information?

Probing Questions

* What was the issue?

* How did you know of the resource?

* What resources did you provide to the fellow employee?

* What was the result of sharing this information?

  • Describe a situation where your knowledge and understanding of the industry your organization operated in contributed to your sales success.

Probing Questions

* What was your role?

* What knowledge/understanding did you find helpful?

* How did you gain this knowledge?

* How did you use it to gain an advantage?

Level 3 Intermediate: Demonstrates solid knowledge and ability, and can apply the competency, with minimal or no guidance, in the full range of typical situations. Would require guidance to handle novel or more complex situations.

BEHAVIORS

  • Objectively critiques the competition (strengths, weaknesses) and seeks opportunities for business development
  • For a given bid, evaluates direct competition in order to position your own organization appropriately.
  • Continually develops industry knowledge by attending trade shows, seminars, conferences etc.
  • Identifies current industry trends.
  • Explains industry trends to customers.
  • Develops knowledge of related industries and their impact on their own industry.

QUESTIONS

  • Describe a time when you designed and implemented a successful strategy to pitch your own organization's product / service relative to the competition in the market place.

Probing Questions

* What were the circumstances?

* What steps did you follow in coming up with this strategy?

* How did you implement it?

* How well did this strategy work?

  • When preparing proposals or bids, how do you establish the competitive position of your product / service? Can you describe a specific time when you have done this?

Probing Questions

* What was the proposal or bid for?

* How did you determine the competition's strengths and weaknesses?

* How did you present your offerings’ strengths in the bid?

* Did you win the business (if not, explain lessons learned)?

  • Describe a time when you took the initiative to increase your industry knowledge.

Probing Questions

* What was your job role at the time?

* What type of initiative did you take?

* How did you approach this situation with your manager? (Did you take your own initiative, or were you encouraged by a manager/colleague?)

* What knowledge was gained from this opportunity, and how did it apply to your work performance?

  • Explain a time when you needed to research and identify current industry trends.

Probing Questions

* What was the situation?

* What was your role at the time?

* What steps did you take to conduct the research?

* What were the anticipated and actual results? To whom were they presented, submitted, etc.?

Level 4 Advanced: Demonstrates advanced knowledge and ability and can apply the competency in new or complex situations. Guides other professionals.

BEHAVIORS

  • Demonstrates a detailed understanding of all competitors and industry stakeholders
  • Uses knowledge of competition and industry trends to identify the features which differentiate their own organization from the competition. Identifies various types of indirect and direct competition for a given customer.
  • Speaks about own organization’s industry at trade shows, seminars and conferences.
  • Demonstrates advanced knowledge of competitors so that it would be possible to sell competitor’s products as easily as their own organizations.

QUESTIONS

  • Describe a situation in which you had to conduct a detailed analysis of the competitive position of a company, product or service offering.

Probing Questions

* What was the purpose of the analysis?

* How did you go about this?

* How did you gain a comprehensive understanding of the competitors and their offers?

* How was this analysis received in the organization?

  • Describe a situation where you took the opportunity to speak about your organization to industry to colleagues, industry professionals and/or potential clients.

Probing Questions

* Who was the target audience?

* What were your objectives?

* How did you adjust your message to reach the target audience?

* How was your presentation received?

  • Tell me about a time when your industry knowledge was used to make a key organizational decision?