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Definition

Competitor Analysis

Competitor analysis refers to the process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.

A competitor analysis is a detailed analysis of a firm’s competitors. It is a detailed evaluation of a firm’s direct, indirect, and future competitors. A competitor analysis helps a firm understand the positions of its major competitors and communicates to the readers of your business plan that you have a complete understanding of your firm’s competitive environment.

 

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