What is the meaning of competitive analysis?

[aathiappaenterprises]

Competitive analysis is a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies.

 

[RH-Calvin]

A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.