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The purpose of competitor analysis is to evaluate you rival's strengths and weaknesses, assess their current position in the market to enable you to outperform them. Once you learned about their strengths and weaknesses, it will allow you to formulate your own strategy and get your own share in the market. Normally, sales,marketing, business development and R&D team use this type of analysis.
Competitor analysis is assessment of the competitor in terms of his strengths and weaknesses.
While we perform SWOT analysis (Strengths, Weaknesses, Opportunities and Threats), we use competitor analysis. Certain competitors possess competitive advantages which will bring them an edge over other companies. The company has to search for their strengths to win over these companies which have competitive advantages.
Competitor analysis is the essential part of marketing strategy creation, product planning, SWOT analysis and promotion activity coordination. All the sectors of the organization from product planning, production, supply chain to sales, marketing are in need of the competitors information.
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Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling coalesces all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment
This is strategy for marketing, usually used to comprehend the position of your own company in comparison to other in the market, which gives you a wide verities of comprehension of your company position, it's a great tool for known the potential market, and develop strategy for improvement.
Competitor analysis has several important roles in strategic planning of the organization:
1. To generate an understanding of competitors’ past, present (and most importantly) future strategies
2. To help the management to understand their competitive advantages/disadvantages relative to competitors
3. To provide an informed basis to develop strategies to achieve competitive advantage in the future
4. To help forecast the returns that may be made from future investments (e.g. how will competitors respond to a new product or pricing strategy?
