Competitor Analysis is a strategic process where businesses identify and assess their competitors to understand their strengths, weaknesses, opportunities, and threats in the market.
This analysis enables companies to develop insights into their competitor's strategies, market position, product offerings, and customer base.
By evaluating these elements, businesses can pinpoint gaps in the market, refine their own strategies, and identify areas for improvement or differentiation.
It is an essential component of market research that helps firms to stay competitive, anticipate industry shifts, and better align their products or services with customer needs.
Through competitor analysis, businesses can make informed decisions to enhance their market presence and achieve sustainable growth.