What is Competitive Analysis ?
Competitive analysis is an essential tool for any business. It helps them figure out their strengths and weaknesses and how they can improve in these areas.
Competitive analysis is a process of evaluating the competition to determine the best way to compete. This can be done through various methods, including interviews, surveys, market research, and data analysis.
The competitive analysis tool used by businesses is usually a spreadsheet that includes all the company’s competitors and their strengths and weaknesses.
Frequently Asked Questions For Competitive Analysis
What is the meaning of competitive analysis?
Competitive analysis is evaluating the strengths, weaknesses, opportunities, and threats of a business. It is an essential part of planning for a business's success.
Competitive analysis helps you to identify your competitors and their strengths and weaknesses. You can then use this information to develop strategies that will help you win over your competitors.
What are the tools and techniques of competitive analysis?
There are many tools and techniques that companies use to conduct competitive analysis. Some of them are:
- SWOT analysis - Strengths, Weaknesses, Opportunities, Threats
- Porter's Five Forces Analysis - Competition/Competitive Rivalry (Threat), Bargaining Power of Suppliers (Threat), Bargaining Power of Buyers (Threat), Threat from New Entrants (Threat)
- Value Chain Analysis - Value Chain Analysis is a tool that helps understand the relationships among the various participants in a market. It can be used to identify key players in the market as well as any constraints or potential disruptions on the flow of goods or services
How do you write a competitive analysis?
Writing a competitive analysis usually involves gathering data, analyzing it, and then writing up a report that explains what it means. For those who don't have the time or energy to do all this, some tools can help them with the process.