Competitor Analysis is an important part of the strategic planning process.

Why analyse competitors?

Some businesses think it is best to get on with their own plans and ignore the competition while others become obsessed with tracking the actions of competitors and many are happy to track the competition, copying their actions and reacting to changes.

Competitor analysis has an important role in strategic planning:

It helps the management understand their competitive advantages/disadvantages relative to their competitors

It generates understanding of competitors’ past, present (and most importantly) future strategies

It provides an informed basis to develop strategies to achieve competitive advantage in the future

It helps forecast the returns that may be made from future investments (for example, how will competitors respond to a new product or pricing strategy?

Contact æ marketing solutions now to carry out your competitor analysis!