Market, Industry and Competitive Knowledge
Applying an understanding of the buyer’s persona and journey, the economic, cultural, and business environment, including competitive and customer behavioral trends, to position the organization for success.
Level 1 Demonstrates introductory understanding, directing people to the appropriate source for further information.
BEHAVIORS
- Explains its own organization’s industry and position in the market.
- Describes the key competitors in the marketplace.
- Performs preliminary research on own organization’s industry and competitors.
QUESTIONS
- Tell me about a situation when you gathered preliminary research on a client before meeting with them.
Probing Questions
* What was the situation?
* What did you need to accomplish?
* How did you conduct the research?
* What was the impact of the research on the meeting?
- Describe a situation 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 Applies the competency in common situations that present limited difficulties, working with a moderate level of guidance.
BEHAVIORS
- Identifies the main competitors’ positions in the market.
- Describes the main competitor’s products/services.
- Compares and contrasts its own organization's products/services against the competition in generic terms.
- Explains the concept and potential effects of indirect competition.
- Identifies related industries that may have an impact on their own industry.
QUESTIONS
- Describe a situation where you gained information on the main competitor’s products.
Probing Questions
* What were the circumstances?
* What did you need to accomplish?
* What did you do to get the information?
* How did you use this information?
- Describe a situation when you pitched your product’s value-added features against the rest of the market.
Probing Questions
* What was the circumstance?
* What did you need to accomplish?
* What did you do to develop your pitch and differentiate your product in the market?
* How did the customer react?
- Explain a situation when you used your industry knowledge to solve a problem.
Probing Questions
* What was the problem?
* What was your role in the decision?
* What did you do?
* What was the outcome?
- Describe a situation where you directed a colleague to a current industry resource for additional information.
Probing Questions
* What was the issue?
* What did you need to accomplish?
* How did you determine where to direct the colleague?
* How did you share the resources?
* What was the result of sharing this information?
- Describe a situation where you used your knowledge of the industry to gain success in sales.
Probing Questions
* What was the situation?
* What was your role?
* What knowledge did you find helpful?
* What did you do?
* What was the outcome?
Level 3 Applies the competency in the full range of typical situations, requiring guidance in only the most complex or new situations.
BEHAVIORS
- Objectively critiques the competition (strengths, weaknesses) and seeks opportunities for business development.
- Evaluates direct competition, for a given bid in order to position own organization.
- Communicates with customers using their terminology and perspective.
- Explains industry trends and their potential effects to customers.
- Develops knowledge of related industries and their impact on their own industry.
QUESTIONS
- Describe a situation where you designed and implemented a successful strategy to pitch your own organization's product relative to the competition in the market place.
Probing Questions
* What were the circumstances?
* What did you need to accomplish?
* What did you do?
* How well did this strategy work?
- Describe a proposal where you established the competitive position of your product.
Probing Questions
* What was the proposal for?
* What did you need to accomplish?
* What did you do?
* What was the outcome of the proposal?
- Describe a situation where you took initiative to increase your industry knowledge.
Probing Questions
What was the situation?
* What did you need to accomplish?
* What did you do?
* What’s the outcome of your effort?
- Describe a situation where you did some research to identify current industry trends.
Probing Questions
* What was the situation?
* What did you need to accomplish?
* What steps did you take to conduct the research?
* What were the results?
Level 4 Applies the competency in new or complex situations and advises others.
BEHAVIORS
- 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.
QUESTIONS
- Describe a situation in which you conducted a detailed analysis of the competitive position of a company or a product.
Probing Questions
* What was the purpose of the analysis?
* How was this analysis received in the organization?
* What did you need to accomplish?
* What did you do?
- Describe a situation in which you conducted a detailed analysis of the competitive position of a company or a product.
Probing Questions
* Who was the target audience?
* What were your objectives?
* What did you do?
* How was your presentation received?
- Tell me about a situation where you used your industry knowledge to make a key organizational decision?
Probing Questions
* What was the decision about?
* What was the result of the decision?
* What did you need to accomplish?
* What did you do?
Level 5 Develops new approaches and methods in the area. Is recognized as an expert within the organization.
BEHAVIORS
- Adapts strategy to position the organization against changing competition, customer and industry trends
- Anticipates future direct and indirect competition and develops/implements a strategy to minimize its impact.