2. Competitive Analysis

Competitive analysis involves examining the strengths and weaknesses of competitors within a specific market. It helps businesses understand how their offerings compare to others, identifying areas for improvement or potential opportunities. By analyzing factors like pricing, customer service, product features, and marketing strategies, companies can develop strategies to enhance their own performance and attract more customers. This process not only aids in positioning a business effectively but also supports informed decision-making to drive growth and maintain a competitive edge.