Business Development Glossary

Competitive Analysis

Definition: A systematic process of evaluating competitors’ strengths, weaknesses, strategies, and market positions to identify opportunities and threats.
Key Components:
1. Competitor Identification: Listing direct and indirect competitors.
2. Market Positioning: Understanding how competitors are perceived by customers.
3. SWOT Analysis: Analyzing competitors’ strengths, weaknesses, opportunities, and threats.
4. Product and Service Comparison: Evaluating features, pricing, and quality.
5. Marketing Strategies: Assessing competitors’ promotional tactics and channels.
Steps to Conduct:
1. Identify key competitors in the market.
2. Collect data through publicly available information, customer feedback, and market research tools.
3. Analyze competitors’ business models, pricing strategies, and customer base.
4. Develop actionable strategies to address gaps and capitalize on opportunities.
5. Monitor competitors regularly to stay updated on market trends.
Benefits:
- Helps identify unique selling points (USPs) to differentiate your business.
- Uncovers market opportunities and potential threats.
- Enables better-informed strategic planning.
- Improves decision-making in pricing, product development, and marketing.