Competitive Analysis is a strategic process that involves evaluating and comparing a business’s strengths, weaknesses, opportunities, and threats against those of its competitors. This analysis provides valuable insights into the competitive landscape, enabling businesses to make informed decisions, refine their strategies, and gain a competitive edge in the market. Competitive analysis involves assessing various aspects of competitors’ operations, offerings, and performance to identify areas for improvement and opportunities for differentiation.
Competitive analysis equips businesses with the knowledge needed to make informed decisions, refine their strategies, and position themselves effectively in the market. It provides a foundation for innovation, differentiation, and sustainable growth in an increasingly competitive business environment.