Competitive Analysis Can Enhance Marketing Strategy

Competitive analysis is a term frequently used in business, particularly in marketing, to describe the study of one's competitors and how they are performing relative to one's own company. The goal of competitive analysis is to identify any gaps in product or service offerings that may be exploited by competitors, and to develop promotional strategies to close the gaps. There are a number of benefits to competitive analysis. First, it can help identify where the company may be vulnerable to market competition. For example, if the company produces a specific type of product, it may be possible to identify a rival company that produces a similar product but with a better quality or price. Conversely, if the company produces a Service rather than a Product, it may be possible to identify a rival company that provides a similar Service at a lower cost. Second, competitive analysis can help develop strategies to improve the company's image and positioning in the market. For example, it may be possible to identify methods of improving the quality of the company's products or services, or to develop new marketing campaigns that improve the company's visibility. Finally, competitive analysis can help the company identify any potential new markets that may be worth pursuing. For example, if the company is currently focussed on selling products in