Which stage of the market analysis involves examining competitors?

The stage of market analysis that specifically involves examining competitors is known as Competitive Analysis. This process entails a thorough assessment of the strengths and weaknesses of current and potential competitors within the market. By analyzing competitors, an organization can identify their market positioning, business strategies, product offerings, pricing structures, and customer engagement tactics.

Understanding the competitive landscape is crucial for developing effective strategies to differentiate a company’s offerings, identify market opportunities, and plan for potential threats posed by rivals. Competitive analysis provides insights that inform decision-making related to marketing, product development, and overall business strategy. It also helps organizations understand the dynamics of their industry and the level of competition they face, which is essential for crafting a successful approach in the marketplace.