What do you mean by the term competitive Analysis?

[HeavenlyBorn]

What do you mean by the term competitive Analysis?

[sinelogixtech]

Hi Friends,
8 quick ways competitive intelligence will improve your business:

1. Identify market gaps that you can fill

2. Determine how your market likes to be served; dislikes as well

3. Identify differentiated methods to attract prospects & serve your customers

4. Isolate, develop, and promote your unique value proposition

5. Detect your areas of strengths and weaknesses versus the competition

6. Analyze market reaction to your marketing strategy

7. Determine your market position

8. Get to know your customers and see them from different perspectives

[tomsfashion2019]

A competitive analysis is a critical part of your company marketing plan.

[BangkokDinning]

A competitive analysis is a critical part of your company marketing plan......

[RH-Calvin]

A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.

[myemailverifier]

A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.

Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer's dollar. For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales).


Thanks,
Brenda R.
myemailverifier.com

[MVMInfotech18]

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. An effective analysis will first obtain important information from competitors and then based on this information predict how the competitor will react under certain circumstances.
After a brief competitor analysis we were immediately able to pinpoint key factors that likely separate us from our rivals.