What is competitor analysis?
Competitor analysis is the process of identifying and evaluating the strengths and weaknesses of a company’s competitors. It helps businesses to understand the competitive landscape in which they operate and to develop strategies to gain a competitive advantage.
The goal of competitor analysis is to gather information about the company’s competitors so that it can make better decisions about how to position itself in the market.
There are several techniques used in competitor analysis, including:
Market research: Collecting data on the size, growth, and trends of the market, as well as information on consumer demographics, preferences, and behavior.
SWOT analysis: Identifying a company’s strengths, weaknesses, opportunities, and threats.
Benchmarking: Comparing a company’s performance against the performance of its competitors.
Market segmentation: Identifying different segments of the market and analyzing how each segment is being served by the company’s competitors.
Competitive intelligence: Gathering information about a company’s competitors through various means such as internet research, attending trade shows, and talking to industry experts.
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