Competitive Analysis

Competitive analysis is exploring the competing organizations in a specific industry, market niche, or sector that could affect the prospects of marketing the products or services of a particular company. The competitive analysis could be an in-depth study of the major competitors alone or it could consider large number of competitors but the depth of the study would be impacted. Even though it is assumed that competitive analysis is meant only for business enterprises with profit motives, even non-profit organizations could equally benefit from this analysis. If such non-profit organizations had been working towards a same or common goal, then this analysis is termed as comparative analysis.

For any business to grow and expand its operations, one of the first and foremost tasks should be the mapping of the competitive landscape. Only when the competition is understood clearly, the business venture and its management would be able to spot the opportunities open to them or exploit the opportunities that develop during the business operations. Further, the right marketing strategies or even the design of the product or service could be decided only through a thorough competitive analysis and understanding the competition in the market. In certain aspects, competitive analysis is similar to SWOT analysis.

Review of this method in Business Analysis Toolkit

The detailed review of this business analysis method is a part of Business Analysis Toolkit. In this review you will learn:

  • What problems are solved by this method and how?
  • How to use the method step-by-step
  • Pros and cons for this method
  • Best practices for the method
  • Practices to avoid
  • Summary about the method

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