What is the meaning of competitive analysis?

[WoodsPainting]

What is the meaning of competitive analysis?

[sulbha]

Hi Friends,

Competitive analysis is the research you do in order to dissect, learn more about and asses the strengths and weaknesses of your competitors. It can help you be on top of the game and gain a competitive advantage in your industry.

1. Identify your competitors
2. Know the Objectives
3. Narrow down evaluation areas
4. Identify your stakeholders
5. Pick your data sources with care
6. Fill in the information in templates
7. Publish your research

[John-Smith]

Competitive Analysis: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.

[ritesh3592]

A competitor analysis is an assessment the position of potential competitors. It is a common market research activity that is performed to identify opportunities and risks associated with strategies such as a new product.

[sophiawils59]

It is the process of comparing the strengths and weaknesses of your own business or product to those of other businesses, in order to make your business or product more competitive

[RH-Calvin]

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.