Competitive analysis produces useful planning information for any type of business, because all businesses have competition. Scenarios in which a competitive analysis is especially important include ones where you are:
- Just entering the market and need to determine whether your business has a chance to succeed.
- An experienced business owner who needs to reassess your competition.
- Trying to brand your product and need to gather foundational information in order to make a good decision.
Having information about your competition helps you to plan your business at all stages.
Topic Objective: To outline the process of doing competitive research.
Your Outcome: Knowledge of your competition’s strengths and weaknesses.