What are the steps in competitive analysis?

Competitive analysis is the process of identifying and evaluating your business rivals to understand their strengths and weaknesses and develop strategies that would give your company a competitive edge. The main steps in competitive analysis include defining the scope of your analysis, identifying your competitors, gathering data on your competitors, analyzing the data you've collected, and developing strategies based on your analysis. It is important to conduct competitive analysis regularly to keep up with changes in the industry and refine your strategies.

This mind map was published on 21 May 2023 and has been viewed 64 times.