Competitive analysis (marketing)

From Wikipedia, the free encyclopedia

The term Competitive Analysis is also used in marketing to describe the process a company or individual uses to assess competition. The following is a representative sample of the types of questions that should be answered in order to effectively analyze the competition: "Questions such as "Who are your competitors? What customer needs and preferences are you competing to meet? What are the similarities and differences between their products/services and yours? What are the strengths and weaknesses of each of their products and services? How do their prices compare to yours? How are they doing overall? How do you plan to compete? Offer better quality services? Lower prices? More support? Easier access to services? How are you uniquely suited to compete with them?" Information extracted from the "Free Management Library." http://www.managementhelp.org/mrktng/cmpetitr/cmpetitr.htm