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Competitive analysis serves a vital role in strategic planning, so writing a great business plan becomes easier if you do your research before you begin to write your business plan.A competitor analysis, unlike the competitive rivalry factor of an industry analysis, focuses attention on each competitor’s strengths and weaknesses instead focusing on the overall competitive climate within an industry.
Before you can begin writing your business planning roadmap, you need reliable information about your industry, your competitors, your product and your customers for inclusion in it.
An industry analysis, competitor analysis, product feature comparison and market research will give you the information you need.
A product feature comparison allows you to compare your company’s product with products produced by competitors.
Unlike a competitor analysis that allows you to determine how your business measures up to competing businesses, product feature comparisons limit their focus to the products themselves.
This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.
By using the product, you can compare features on the competitor’s product with those of your own product.
Where an industry analysis establishes the scope of the marketplace, a market analysis tells a business owner if a market within a particular industry will be profitable for a company’s product.
A competitor analysis is a process in which a business obtains information to identify and learn more about key competitors in order to be able to predict how the competition will react.
It provides information from which a business owner can create a long-term strategy to minimize risks and take advantage of growth opportunities.
Porter of Harvard University has become the most frequently used method for analyzing any industry in order to create a strategy to compete within it.