Competitor analysis is an assessment of the strengths and weaknesses of current and potential competitors. During this you get answers to below questions :
- Who are your competitors?
- What products or services do they sell?
- What is each competitor’s market share?
- What are their past strategies?
- What are their current strategies?
- What type of media are used to market their products or services?
- How many hours per week do they purchase to advertise through the media used in this market?
- What are each competitor’s strengths and weaknesses?
- What potential threats do your competitors pose?
- What potential opportunities do they make available for you?