Competitive analysis is the process of identifying strengths and weaknesses in your competition so you can take an offensive or defensive stance against them. It provides both global contexts for opportunities but also helps identify threats that may arise from competitors’ actions.
Competitive analysis is a critical component in the strategic management process. It helps organizations understand their strengths and weaknesses so they can plan accordingly to avoid being left vulnerable against competitors with better odds or more opportunities for success, depending on what’s necessary based on this knowledge.
