Discuss why is it important for firms to collect intelligence about their competitors.
Discuss why is it important for firms to collect intelligence about their competitors.
The business's advantages and disadvantages compared to its rivals are assessed in order to discover its unique competitive advantage. The evaluation typically involves an analysis of their products and services, pricing plans, audience targets, promotional efforts, and overall market position. An accurate competitor analysis makes it possible for a company to stay a step ahead of its competitors and improve its chances of being successful in the marketplace. By recognizing the competition, a business can make more informed choices about how to proceed, such as discovering areas for enhancement distinguishing itself from rivals, or focusing on emerging segments of the market.
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