A competitive analysis is an essential part of any business plan, as it provides a detailed overview of the strengths and weaknesses of your competitors. This information can then be used to develop strategies for innovation and product development. In order to carry out a competitive analysis, you will need to collect data on your competitors' products, pricing, marketing, and distribution channels. This can be done through market research, online research, and company visits. Once you have gathered this information, you can start to identify areas where you have a competitive advantage. For example, if your competitor's products are not well-designed, you may be able to focus on innovation in order to create a better-quality product.
In this blog post, we will discuss what direct and indirect competitors are and how to identify them.
Competitive intelligence (CI) is a broad practice of collecting, analyzing, and communicating the best available information on competitive trends externally.