BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Collecting and evaluating information on competitors is essential for successful strategy formulation. Identifying major competitors is not always easy because many firms have divisions that compete in different industries.

Detailed explanation-2: -The purpose of a competitor analysis is to understand your competitors’ strengths and weaknesses in comparison to your own and to find a gap in the market. A competitor analysis is important because: It will help you recognise how you can enhance your own business strategy.

Detailed explanation-3: -Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.

Detailed explanation-4: -A competitive (or “strategic“) analysis collects and reviews information about your competitors, both direct and indirect, to better understand their strategy as well as their strengths and weaknesses in relation to your strategy.

Detailed explanation-5: -By looking at your biggest competitors, you can see how your own products and services stack up and what kind of threat they pose to your business. It also helps you identify industry trends you may have been missing.