Last updated on May 31, 2024

How do you use competitive analysis to inform your strategic planning?

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In the realm of business strategy, competitive analysis is a crucial tool that allows you to understand your market position relative to your competitors. By examining the strengths and weaknesses of your rivals, you can identify opportunities for growth and areas for improvement in your own business. This process involves a thorough assessment of competitors' products, sales, marketing strategies, and customer satisfaction. Armed with this knowledge, you can make informed decisions about where to allocate resources, how to differentiate your products, and which market segments to target for maximum impact.

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