Competitive Analysis

What is a Competitive Analysis?

When a company conducts a competitive analysis, it evaluates and categorizes its market or industry competitors in order to have a better understanding of their strengths, weaknesses, and procedures in comparison to their own. These competitors will offer similar services, prices, goods, strategies, or target markets, and they should be assessed using a set of business criteria.

A good competitor analysis, when done correctly and with the right competitive intelligence tools, allows a firm to perceive competitors through the perspective of shared customers in order to discover areas to improve for sustained success.

Importance of Competitive Analysis:

• Differentiate yourself from a competitor
• Identify and address the market inconsistencies.
• Putting a better marketing strategy
• Improve your services by taking advantage of your competitor’s flaws
• Pick and avoid challenges

Also, See: Feasibility Study