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 ...
Key Terms
Example: Coca-Cola and Pepsi are competitors in the beverage industry.
Example: A company may identify its strong brand as a strength in a SWOT analysis.
Example: A value proposition might state that a product saves time and money.
Example: Apple differentiates its products through design and user experience.
Example: Teenagers may be the target audience for a new video game.
Example: Surveys and focus groups are common methods of market research.