Competitive analysis is the process of ethically gathering information about market competition to assess their strengths and weaknesses as well as your own organizations strengths and weaknesses. The objective of competitive market analysis is to collect actionable competitor intelligence to help understand what's happening in the world outside your business. It includes learning about your industry in general and your competitors at the earliest possible time. The process of competitive market analysis is about adhering to a strict ethical code by collecting data that are available either in the public domain or from other players in the marketplace. It empowers one to anticipate and face market challenges confidently with effective business strategies.
To formulate an effective business strategy, it's essential to focus on the following two facts:
What your company is doing?
What your competitors are doing?
Developing an effective competitive strategy begins with a rigorous evaluation of the performance of your organization relative to one or more of your competitors. Guesswork and gut feelings are out of place in such a process. One can perform a meaningful comparison only after a thorough assessment of one's own business compared to your competitors has been performed.
We gather raw competitor data and then analyze and convert that data into useful intelligence for your organization. With such information, your senior executives will have the input they need to make the important strategic decisions that will catapult your company into a leadership position in your industry.
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