What do you understand by competitive analysis?
 

What do you understand by competitive analysis?

Strategic technique used to evaluate outside competitors. The analysis seeks to identify weaknesses and strengths that a company's competitors may have, and then use that information to improve efforts within the company.

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service . A competitive analysis is a critical part of your company marketing plan.

Determining the strategies adopted by the competitors and evaluating their positive and negative points in order to frame your own strategies precisely is known as competitive analysis.