Know your enemy. Or could it be a potential partner? Being aware of your organization’s operational environment and the actors performing in it is a prerequisite to successful competitiveness.
Competitor analysis is the best way of getting to know your competition and leveraging this knowledge to support your own business. Competitor analysis helps you understand your key competitors, their strengths and their weak points. The more information a company has about its competitors and the more systematically it collects information, the better it can create a competitive advantage that stands out above the rest.