i want to know what is the meaning of competitive analysis?
Welcome to the forums, @Cyber_Worx.
There are many sites out there offering in-depth explanations of competitive analysis, such as https://en.wikipedia.org/wiki/Competitor_analysis
Was there some particular aspect you don’t understand?
To achieve business goals and pointing the right audience, you must follow
your competitors, their marketing techniques and appliance the more powerful
one to get to the nest level.
To know more http://www.entrepreneur.com/encyclopedia/competitive-analysis
Competitive analysis means analysis of factors that help you to win against stiff competition in category. For this purpose, we need to analyse top competitors and guess their business model and execution process.
It depend upon depth and breadth of research about competitors and will be useful if we can execute them.
For example: If our competitor is winning on the basis of content, we will prepare better content and distribute more tactfully.
In short, competitive analysis is evaluating strengths and weaknesses of competitors and analyzing how they can become a threat or opportunity to your brand. This is done to evaluate how you can have a competitive edge (advantage) over your competitors.
As I have recrently read, the purpose of the competitive analysis is determination of the strengths and weaknesses of your competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle!