When to use it
Analysis of the company’s competition is an integral part of any business and market plan. Whether you’re just starting out, moving into a new market, or doing a business health check, competitiveness analysis will be invaluable.
How it is implemented
A researcher usually selects several major competitors and analyzes elements such as their marketing strategy, customer perception, revenue or sales volume, and so on.
Secondary sources such as articles, references and advertising are excellent sources of information about the competition. However, primary research, such as mystery shopping and focus groups, will offer valuable information about customer service and opinions of current customers.