What do you mean by the term competitive Analysis?
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What do you mean by the term competitive Analysis?
Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. A competitive analysis is a critical part of your company marketing plan.
A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment.
It is a process of identifying your competitor strategy, determine the strength and weakness related to their product and services.
Competitve analysis helps you to learn and analyse the competitors success of the website ranking and you note down the details and implement on your website to improve your website ranking.