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Competitor analysis

Competitor Analysis Concept

What is a Competitor Analysis?

Competitor Analysis is a procedure by which a company analyzes everything related to its competitors in the same sector. Review all resources, strategies, products, services, capabilities, all strengths and weaknesses of the competition to be able to make a better decision-making based on how to take a step forward to grow and overtake the rest.

Something very common in any company and that requires a good amount of resources and a deep research work to know everything with the highest degree of detail possible. It goes without saying that the more time you spend on it and the deeper it goes, the more thorough and accurate the analysis will be, and therefore the more effective the decisions made after looking at your data.

It has many uses, but all of them point to performance taking into account the competitors of the same sector, something that we will expand further in the next chapter. The analyzes of this time have been carried out in different sectors for decades, since they are the best way to know what others are doing or what others can do to try to act or even predict their strategies.

Something on the order of the day and of great advantage for any business. Competitor Analysis is far from being unique and isolated, but rather the opposite.

What is Competitor Analysis for?

The Competitor Analysis, as we mentioned before, serves to know everything that strengthens and weakens the competitors that a company may have in the same sector. It is something that, at the same time, serves to do a small exercise in self-criticism, seeing what others offer that you do not offer yourself.

Its usefulness is none other than knowing what other companies do and do not do in order to act accordingly. For example, it can be used to see that a business is not capable of maintaining low prices and, thus, be able to overcome it by doing what it is not capable of doing, lowering prices to attract its customers.

Examples of Competitor Analysis

Examples of Competitor Analysis exist many, especially internally in companies, since it is a kind of documentation that is of great help when drawing up medium and long-term action plans, as well as to counteract any powerful campaign of the competitors.

To see how it can be, we invite you to take a look at the following link: example of competition analysis.

More information on Competitor Analysis

Do you want more information about the Competitor Analysis? In that case, take a look at the articles that we leave you below, they can certainly be useful to learn more about this concept and other related ones.

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