Competitive Analysis is an important part of the strategic planning process. Competitive analysis is an exploration of the companies in a given industry sector or market niche that are competing with your company’s products or services. It is an assessment of the strengths and weaknesses of current and potential competitors.
What is the purpose of Competitive Analysis?
The competitive analysis process presents an opportunity to describe your major competitors in terms of the factors that most influence revenues. This may include your competitor’s products and their usage patterns with consumers, behavior and feedback of consumers, competitor’s strengths and weaknesses compared to your organization and any attributes you consider important.
Competitive analysis plays a critical role in strategic planning which in turn serves various purposes. They are:
- To help management understand their competitive advantages/disadvantages relative to competitors.
- To understand and focus on the direction to be taken for future growth.
- To provide an informed basis to develop strategies to achieve competitive advantage in the future.
- To help forecast the returns that may be made from future investments (e.g. how will competitors respond to a new product or pricing strategy).
- Business intelligence
- Statistical applications
- Competitive user studies
- We will find out who your competition is and help you analyze the market and consumer behavior.
- Understanding of Analysis Objective to the Methodology and Final Analysis Report creation would be done by our team.
- Helps you in identifying your competition.
- How and in what areas your product, processes, and practices must be improved to meet market demands or to stay ahead of the competition.
- Build domain knowledge
- Identify best practices
Techved explains how to do competitive analysis and its purpose
While learning how to do competitive analysis and doing it our objective should be clear,our research should be thoroughly done and all of the content should be well written.Some of the most important points while doing such an analysis is :
- Find the competitor's of the given company.
- Maintain summay of products of the competitors.
- Identify the methods adopted by competitors to achieve their desired targets.
- Strengths and weakness of competitors.
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