What is the meaning of competitive analysis?

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A competitive analysis is a review of your competitive landscape to find out what your competitors are doing. The aim is to understand your competitors so you can plan your business activities accordingly.It is so important to do this kind of analysis when you are in a competitive market.

The process of comparing the strengths and weaknesses of your own business or product to those of other businesses, in order to make your business or product more competitive:

The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited

competitive analysis helps you learn the ins and outs of how your competition works!