Question
Strategic group analysis map, SWOT analysis, and competitive pricing analysis are all tools that can help a business build a stronger defense against competition. A strategic group analysis map helps identify who your direct competitors are and understand their strategies. This can help you position your business in a way that leverages your strengths and their weaknesses. SWOT analysis helps you identify your own strengths, weaknesses, opportunities, and threats. By understanding these, you can build strategies that leverage your strengths and opportunities, and mitigate your weaknesses and threats. Competitive pricing analysis helps you understand the pricing strategies of your competitors. This can help you price your products or services competitively, attracting more customers and potentially driving competitors out of the market.
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In addition to SWOT analysis for your own company, you can conduct a SWOT analysis on a competitor to identify any weaknesses that happen to be your strengths. These can be enablers for your growth, while external forces like regulations lobbied against you or your industry could be challenges to overcome.
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