The key information that can be gathered through a competitive analysis includes a competitor's market share, pricing strategies, distribution channels, and customer base. It also provides insight into their marketing and advertising efforts, and their product development and innovation. By understanding this information, a company can develop strategies to differentiate itself from its competitors and to target untapped market segments
key information that can be gathered through a competitive analysis
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Other key information that can be gathered through competitive analysis includes
1.Traffic sources if is online business
2. Marketing strategy
3. Business networks
4. Logistics
5. Innovation
6. Expenditure
7. Staff capacity
8. Market penetration strategies
1.Traffic sources if is online business
2. Marketing strategy
3. Business networks
4. Logistics
5. Innovation
6. Expenditure
7. Staff capacity
8. Market penetration strategies
Competitive analysis has become very important for each and every business is to carry out most especially if you find yourself in a highly competitive market.
Competitive analysis involves identifying your competitors; analyzing your competitor's strengths and weaknesses; their sales and marketing strategy; their customer feedback on social media, Such information can be used in determining your competitive advantage.
You have a good point because it could be used to ascertain the strength of your rivalry.
