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BUSINESS

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Competitive analysis is a field of strategic research that gathers and reviews information about rivals operating within the same industry. It is important to know what your competitors are doing so that you know if they could become a hindrance for your financial well-being. Or you could find out what market gaps are present which have not been identified yet that you can capitalize upon. This way you can gain the first mover advantage. In simple words, competitive analysis helps answer two basic questions for you: 1. How is my business doing in comparison to XYZ? 2. What is my perception of my business versus the market perception? Acquiring Marketing Intelligence & Competitor Information: With the advent of social media and technological advance, it is very easy to know what competitors are up to, especially through daily news monitoring and various other ethical means of gathering information about…