A competitive analysis template tells us the strengths and weaknesses of all competitors with respect to our business. This analysis gives both offensive and defensive strategic context to deal with these threats and opportunities. Any competitive analysis report consists of information about a company’s competitors, competitor’s products, strengths and weaknesses of competitors, strategies used by competitors for achieving their objectives and a market outlook. This analysis tool should be prepared professionally to get maximum benefits. In marketing planning, companies can drive a competitive analysis which can be established as a means of evaluation. Undoubtedly, this tool helps business to introduce unique products or services which are thoroughly special to rivals. However, this is a scientific study that was developed for businesses to make sure what weaknesses of their competitors are.
Importance of a Competitive Analysis:
It is a fact that every business wants to flourish. Therefore, a business should have to evaluate both its internal and external factors that are affecting its strategies against competitors. With the help of a competitive analysis tool, it becomes easy for an individual or a business to find out a way to deal with these opportunities which are actually essential for success. Moreover, this tool elaborates what attributes a business can play in order to attract more customers while competing in the same target market. If a business successfully gets timely information about its competitors, it can easily develop counter strategies. Going further, this competitive analysis will be driven by a business to evaluate the strategies and policies of its competitors.
Benefits of Competitive Analysis:
An effectively completed competitive analysis example will tell us about our strengths and weaknesses while making a comparison with our competitors. While studying our competitors, it also highlights their strategies and how these strategies are affecting our business. Going further, a competitive analysis template also consists of information about the products and services of competitors along with their strengths, profitability, growth pattern, marketing objectives, assumptions, current and past strategies, organizational and cost structure, strengths, weaknesses, future planning, threats and objectives. Apart from these elements, a company can also make sure they can survive with the policies of their competitors, especially those which are directly competing in our target market.
Templates for Competitive Analysis:
