Step 5. Competition Assessment
Competitive analysis (or competitive research) is a field of strategic research that specializes in the collection and review of information about rival firms. It's an essential tactic for finding out what your competitors are doing and what kind of threat they present to your company's success.
Whatever it is you do, it is almost certain that there are other companies out there offering a similar product or service to yours.
In any crowded marketplace, you need as much information and insight as possible to gain an edge over your competitors.
Simply knowing what they offer is not enough.
With the advent of new software and technology, marketers and business owners have the ability to know more about their competition than ever before.
It is extremely important to regularly conduct a thorough competitive analysis in order to stay one step ahead.
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