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HomeHomework Helpbusiness-strategyCompetitive Analysis

Competitive Analysis

The evaluation and comparison of a company's products, services, and marketing strategies with those of its competitors to identify areas of differentiation, opportunities for growth, and strategies for maintaining a competitive edge in a crowded market

intermediate
3 hours
Business Strategy
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Overview

Competitive analysis is a vital process for businesses to understand their competitive landscape. By evaluating competitors, companies can identify their strengths and weaknesses, which helps in crafting effective strategies for market differentiation. This process involves various steps, including ...

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Key Terms

Competitor
A business that offers similar products or services in the same market.

Example: Coca-Cola and Pepsi are competitors in the beverage industry.

SWOT Analysis
A framework for identifying strengths, weaknesses, opportunities, and threats.

Example: A company may identify its strong brand as a strength in a SWOT analysis.

Value Proposition
A statement that explains how a product solves a problem or improves a situation.

Example: A value proposition might state that a product saves time and money.

Market Differentiation
The process of distinguishing a product from others to make it more attractive.

Example: Apple differentiates its products through design and user experience.

Target Audience
The specific group of consumers a business aims to reach with its products.

Example: Teenagers may be the target audience for a new video game.

Market Research
The process of gathering information about consumers' needs and preferences.

Example: Surveys and focus groups are common methods of market research.

Related Topics

Market Research Techniques
Explore various methods for conducting effective market research.
intermediate
Business Strategy Development
Learn how to create a comprehensive business strategy.
advanced
Customer Segmentation
Understand how to segment customers for targeted marketing.
intermediate

Key Concepts

Market ResearchSWOT AnalysisValue PropositionTarget Audience