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Competitive Landscape Analysis in the marketing industry has several practical applications. It helps businesses understand their position in the market compared to their competitors. This understanding can guide the development of effective marketing strategies. It can also highlight areas where a business may need to modify its approach, such as in its marketing, sales, or overall business strategy. Furthermore, it can help businesses identify potential opportunities and threats in the market, enabling them to make informed decisions about product development and business model adjustments.
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2. You will see your strategic position in an entirely new light – when you integrate the Status Quo into your narrative, it becomes clear that all parts of your business: fundraising, marketing, sales and strategy will need modification to address the alternative. In fact, this step may force you to rethink or alter your product or business model entirely. Smerklo says: "While this sounds daunting, it is a much easier and cost-efficient exercise to undertake as opposed to the alternative: the long, slow death of disinterest."
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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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