Competitive Strategy: Techniques for Analyzing Industries and Competitors

Competitive strategy involves analyzing industries and competitors to identify strengths, weaknesses, opportunities, and threats. Techniques like industry analysis evaluate market trends, customer needs, and the competitive landscape. Tools such as the SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) help organizations understand their position. Porter's Five Forces model examines competitive forces like new entrants, supplier power, buyer power, substitutes, and rivalry, to assess industry attractiveness. These methods enable businesses to develop strategies to gain a competitive advantage, improve performance, and make informed decisions in dynamic markets.