The competitive analysis is a business term which use by companies to be surly determines the strengths and weaknesses of their rival companies. Well this competitive analysis will drive as a moniker to identify the week point of the competitors who also working within the market. Unless other things this is a precise procedure which runs in a detailed manner to examine the overall business strategies of companies somehow relates as competitors. No two ways about this is a general examination that structure for something as a typical interpretation of statements & facts regarding to the grand designs & great games of other businesses.
In like manner we can say that the pivotal purpose of competitive analysis is to find out the distinct information about competitors, their overall market advantage, progress growth & positive strategies. To be frankly speaking this is familiar for companies who want to break the barriers of limitations & all set to make honorific title in market. For all that if you also want to reach on the way of success than you need to order a competitive analysis because it’ll give you positive points as well as show you the advantages & failures of your existing policies.
Unquestionably by developing a competitive analysis you can prevent the chances of competition, find-out the weaknesses that in some such way maybe exploited within the product development cycle. Notwithstanding in term of marketing plan a competitive analysis is a critical part, in fact it’s a process of evaluation that will probably establish a statement by follow you’ll able to know the answers of all the relevant questions you’re penetrating for.
More or less here’re some questions & statements that you can figure out via employing a competitive analysis, for instance; what thing makes your product or service unique, how you can play with market, what thing would be perfect for attracting your target audience, what attributes will encourage the customers, competitor’s share in a market, past & current strategies of rivals, media policies, action plans, strengths and weaknesses of competitors, potential opportunities you can avail from the week points of competitors, etc.
1- Sample competitive analysis Template
Name: Sample competitive analysis
Document Type: MS Word
Layout: Two Pages