A business can use competitive analysis to create effective strategies by assessing the competitive landscape. This includes understanding market share, strengths and weaknesses of competitors, the window of opportunity to enter the market, the importance of the target market to competitors, and any limitations that may prevent market entry. It's also important to consider indirect competitors who may impact success. Differentiating the competitive analysis by industry is crucial, taking into account 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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