What is the meaning of competitive analysis?

[anitatiwari01]

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.

[sofiasofi]

Competitive analysis is a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies.

[Priya12]

A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage. Such an assessment is usually part of a company’s business or marketing plan, and provides context for growth plans.

Types of Competitors:
1. Direct – Businesses that sell the same types of goods and services you do, to the same market.
2. Indirect – Businesses that sell substitute products or services, or items that can be used in place of yours.

[Richard1234]

Identifying your competitors and comparing their strategies to work out their strengths and weaknesses relative to the ones of your own product or service . A aggressive evaluation may be a important a part of your business enterprise selling installation.