competitor analysis

  

Definition

Strategic technique used to evaluate outside competitors. The analysis seeks to identify weaknesses and strengths that a company's competitors may have, and then use that information to improve efforts within the company. An effective analysis will first obtain important information from competitors and then based on this information predict how the competitor will react under certain circumstances.

Use competitor analysis in a sentence

  • We thought that our cost for the service was too high, but after careful competitor analysis we determined that it is not.

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  • After a brief competitor analysis we were immediately able to pinpoint key factors that likely separate us from our rivals.

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  • You should do a competitor analysis to see if there is anything you can learn from the other people in your industry.

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