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Some effective methods for assessing the strengths and weaknesses of competitors include analyzing their market share, understanding their strengths and weaknesses, identifying your window of opportunity to enter the market, determining the importance of your target market to your competitors, identifying any limitations that may prevent you from entering the market, and considering indirect competitors who may impact your success. It's also important to differentiate your competitive analysis by industry, considering the level of competition, the threat of new competitors or services, and the effect of suppliers and customers on price.
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Using competitive analysis to find a market advantage – assess the following characteristics of the competitive landscape: market share, strengths and weaknesses, your window of opportunity to enter the market, the importance of your target market to your competitors, limitations that may prevent you from entering the market and indirect competitors who may impact your success. Make sure to differentiate your competitive analysis by industry, taking into consideration the level of competition, the threat of new competitors or services, and the effect of suppliers and customers on price.
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Evaluate your position in the market and familiarize how you compare against competitors to do more of the right things. Use this Competitive Landscap...
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