A business can assess the importance of its target market to its competitors by conducting a competitive analysis. This involves evaluating the market share, strengths and weaknesses of the competitors, the window of opportunity to enter the market, and any limitations that may prevent market entry. Additionally, the business should consider indirect competitors who may impact its success. It's also important to differentiate the analysis by industry, considering the level of competition, the threat of new competitors or services, and the effect of suppliers and customers on price.
Evaluate your position in the market and familiarize how you compare against competitors to do more...
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