Competitive analysis is the process of examining a company's competitors in order to understand the market, identify opportunities, and develop strategies for gaining a competitive advantage. The goal of competitive analysis is to gain insight into the strengths and weaknesses of rival businesses and to understand their strategies and product offerings. This information can then be used to inform a company's own strategy and to make better-informed business decisions.
Goal of competitive analysis
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Competitive analysis helps an entrepreneur to know what his competitors are doing that is making him to succeed. With modern technology, it is easy to study and analysis data of your competitors. This is possible with online business. The only problem or challenge you can face in competitive analysis is collecting data. It is not easy to collect such data in offline business.
If you as a businessman have done a good and precise analysis of the competition, then you can determine the position of your business so that you can identify business threats and opportunities, besides that you can also study marketing strategies if you want to increase sales.
The main goal of competitive analysis is to identify your competitors and know their strengths and weaknesses relative to your own. The analysis should also include getting insights on the sales and marketing strategies adopted by your competitors.
