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To start, companies must align their definition of competition with investors.Investors define competition as any service or product that a customer can use to fulfill the same need(s) as the company fulfills.
Using SWOT analysis on competitors allows a company to determine a competitor's strengths and weaknesses, as well as relevant opportunities and threats that can guide business planning. We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities.
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It may be easier to gain information on competitors by looking through their websites, looking online at reviews, their brochures and marketing materials, or even buying some of their products and analyzing the products and related customer service experience first-hand.
For smaller businesses, let's say local restaurants, you could examine their menus, go to the restaurants to try their food items and experience their service, ask around for information about their services, and check out local review websites.
Competition analysis allows you to learn your competitors' strengths and weaknesses, and then use that information, or competitive advantage, to improve your own business planning and practices.
The best way to determine who your competitors are is through research, such as through SWOT analysis.
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Competition analysis can be done whenever you are planning a product or service launch or revision.
Using a SWOT analysis on competitors makes it easier to visually analyze a competitor's strengths, weaknesses, opportunities, and threats.