What is the strategic competitive analysis?
A competitive analysis is a strategy that most business uses in order to make an analysis of their competitors within their specific markets. The primary target of such an analysis is to get to know both the strength and the weaknesses of the competitors within the market in which they operate. The competitive analysis should help the users to get a competitive advantage over their rivals so that they are able to take over the market and minimize competition. Additionally, the users of the strategy are supposed to exploit any weaknesses that exist in the development cycle of the product so that such loopholes are utilized to the maximum (Porter, 1980). A competitive analysis can first of all begin from a customer’s point of view where the business owner analyses how much competition they get in terms of contending for the customers dollars. Apart from that, the analysis can be done so as to establish the strategies that are employed by the business rivals.
What is the SWOT analysis?
On the other hand, a swot analysis is a process that is used for the identification of both the strengths and weaknesses that are within and outside the organization. Awareness of the environment where the business operates can help a lot when coming up with decisions and planning process (Fred, 1993).
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