It’s the process of evaluating the strengths and weaknesses of your competitors to determine how you can differentiate your products or services and gain a competitive advantage in the market. This analysis helps you understand your competitors' strategies, target markets, and overall performance, as well as identify any potential opportunities or threats to your business. It is a crucial step in the process of developing a marketing plan and can involve researching your competitors' products, pricing, marketing efforts, and overall business model. By understanding your competitors, you can develop strategies that allow you to better meet the needs of your target market and outcompete your rivals.
