The competitive analysis is an important part of the business plan for any company. It helps to understand the strengths and weaknesses of their competitors. It also helps to understand what types of products or services can be offered in order to better meet customer needs and wants.
A competitive analysis is an examination of the strengths and weaknesses of your competitors. It’s an important part of any business strategy because it helps you to understand what your competitors are doing and how they may be able to affect your business if you don’t take action.
The goal of a competitive analysis is to help you identify opportunities and threats, as well as develop a strategy for how you want to position your product or service in the marketplace. Competitive analysis is the process of identifying the strengths and weaknesses of a given company or product with respect to its competitors. As a marketing technique, it is used to understand what the competition is doing and how this might affect one's own marketing strategy.