The-definition.com

Definition

Competitive Analysis Grid

Definition (1):

A competitive analysis grid is a tool for organizing the information a firm collects about its competitors to see how it stacks up against its competitors provides ideas for markets to pursue, and, perhaps most importantly, identifies its primary sources of competitive advantage. To be a viable company a new venture must have at least one clear competitive advantage over its major competitors.

Definition (2):

“The competitive analysis grid should identify your competitors and include an assessment of the key characteristics of the competitive landscape in your industry, including competitive strengths and weaknesses and key success factors.”

Definition (3):

The competitive analysis grid provides the most meaningful information to determine the position of your business as well as of your competitors and helps you to point out the strengths and weaknesses of every competitor for comparison and analysis.

After completing analysis for your business’s competitors, you can identify the reasons for the success of your competitors like why do customers buy from their company? Some probable reasons include they don’t have any nearby competitors, lower prices than their competitors, wider variation of products, providing different services, or marketing and branding appealing the target market.

Share it:  Cite

More from this Section

  • Intent-to-use trademark application
    Intent-to-use trademark application is an application based on the applicant’s intention ...
  • Product/Customer focus
    Products and Customer are the two most important elements in any business. Product/ Customer ...
  • Competitor Analysis
    A competitor analysis is a detailed analysis of a firm’s competitors. It is a detailed ...
  • Insight
    Insight is the flash of recognition – when the solution to a problem is seen or an idea ...
  • Triggering Event
    Triggering event means the event that prompts an individual to become an entrepreneur. ...