ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -A competitor analysis, also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies. You can use this information as a point of comparison to identify your company’s strengths and weaknesses relative to each competitor.

Detailed explanation-3: -SWOT the competition Once you’ve identified your main competitors, analyze their capabilities and the health of their businesses. A long-standing economic tool known as SWOT analysis focuses on four sectors to determine a company’s viability: strengths, weaknesses, opportunities and threats.