From the course: Marketing Strategy: Competitive Intelligence
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The benefits of competitive analysis
From the course: Marketing Strategy: Competitive Intelligence
The benefits of competitive analysis
- [Instructor] Before starting a competitive analysis, you'll want to pinpoint the benefits. Why will you spend time, allocate employees, and make the monetary investment? Let's start with some obvious reasons. First, you can understand the market and compete more effectively. Think of your competitive analysis as a scouting report. The intelligence you uncover helps you to better define the market landscape. It's why Coca-Cola has a clear picture of how Pepsi competes against them. They've identified important activities and market factors. Yet it's not just scouting out competitor activities. It's also realizing any of the market challenges you may face, including technological or regulatory obstacles, the maturity of your industry, and the possible barriers to entry. A second benefit is to capitalize on your competitors' weaknesses. When you discover and evaluate your competitors' strengths and weaknesses, you can…
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