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What is the meaning of competitive analysis?

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A competitive analysis is a research (usually online) made in order to better understand the competitive landscape and estimate opportunities, weaknesses, threats and strengthens of competing industry players, to optimize future business activities and utilizations (marketing, product, sales or alike)

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A competitor analysis is an assessment the position of potential competitors. It is a common market research activity that is performed to identify opportunities and risks associated with strategies such as a new product.

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It is the process of comparing the strengths and weaknesses of your own business or product to those of other businesses, in order to make your business or product more competitive

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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.

 

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Competitive analysis is the analytical process of understanding the substitutes to a product. The idea is that substitutes are competing with a product for customers. If a product have many substitutes, usually the price of the product is lower because it is considered easily replaceable. Things that are hard to replace, are usually more expensive.

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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.

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