Competitive analysis

[Starmix]

Do you know how to do a competitive analysis? I am not so satisfied with what I have heard from a friend that this could help us spot opportunities to innovate, enhance our products or services, or promote our business. We never know if win from our rival business or lose others.
The following guides us in doing a competitive analysis: ( Credit to : Source: Business News Daily )
1. Identify the products or services you want to evaluate.
2. Seek direct competitors.
3. Pinpoint indirect competitors.
4. Examine replacement competitors.
5. Determine which parts of your competitors are worth investigating.
6. Research all identified competitors.
7. Document your research in a written analysis.
8. Identify areas to improve and execute the changes, and
9..Track your results.

 

[Augustus kparobo]

In analyzing competition it will take a proper of how much growth did we really make how far had we gone what progress did discorver in our self and business and also how much of it did we do better than our competition

 

[Starmix]

In analyzing competition it will take a proper of how much growth did we really make how far had we gone what progress did discorver in our self and business and also how much of it did we do better than our competition

Yes, you're so right. We need to constantly assess our growth to determine the progress and profit of our business. We will also know if we have repeat customers so we can give them some incentives like at least 2 % discount.

 

[Reedex]

You have a very good point and it is worth to try out because it will help in managing business properly.

 

[Shavkat]

This is a good tool to determine the strengths and weaknesses of a company's competitors. I must say that it is nota hundred percent accurate because competitors would not give pertinent information.

 

[Starmix]

Yes, it is very good so that our business booms and becomes competitive in the market. There are businesses that like to sink because it is not cared for by the owner.

 

[hastral45]

Competitive analysis is something ordinary layman could not carry out. It involves recruiting specialists in the field. In some areas, they make use of surveys analysis to determine competitive analysis.

 

[uptrendfinancialsignal]

If you found yourself in a very competitive market, you will need to understand competitive analysis.

 

[Bisolami]

Do you know how to do a competitive analysis? I am not so satisfied with what I have heard from a friend that this could help us spot opportunities to innovate, enhance our products or services, or promote our business. We never know if win from our rival business or lose others.
The following guides us in doing a competitive analysis: ( Credit to : Source: Business News Daily )
1. Identify the products or services you want to evaluate.
2. Seek direct competitors.
3. Pinpoint indirect competitors.
4. Examine replacement competitors.
5. Determine which parts of your competitors are worth investigating.
6. Research all identified competitors.
7. Document your research in a written analysis.
8. Identify areas to improve and execute the changes, and
9..Track your results.

You are very right about all of these and the main aim is just to satisfy the customers and make your product the best one out of all

 

[Starmix]

Yes you're so right because businesses have rivals. They have to be competitive to avoid ranking on the lowest level of businesses.

 

[Magnus2022]

Competitive analysis have diverse parameters and does have specific modus operandi to follow. There are a lot of tools online you can use to study about your competitors and access their data which you can use to your advantage. It is not easy to study your business competitors offline because you can't be able to gather the information you need.

 

[uptrendfinancialsignal]

Competitive analysis have diverse parameters and does have specific modus operandi to follow. There are a lot of tools online you can use to study about your competitors and access their data which you can use to your advantage. It is not easy to study your business competitors offline because you can't be able to gather the information you need.

It is true that there are different strategies to adopt in order to embark on competitive analysis.