The best way to remain in your position if you are on top or to grow quickly is to keep an eye on the competitors. The best way to get the information about the important competitors is to perform the competitive analysis. The information obtained from the competitive analysis can be then used to anticipate the behaviour of competitors which will ultimately lead you to make good decisions in your business. The competitive analysis sheet enables you to see how your company rates against the competitors by considering all the aspects.
The main purpose of carrying out the competitive analysis is to know who your competitors are and what their strategies which they have planned for future are. It also sees how competitors react to their company’s actions. Competitive analysis is not an easy task rather you will have to check annual reports of competitors, press releases, patent applications etc.
With the help of competitive analysis sheet, you can define your competitors. Competitors are usually those companies which produce products similar to you. Their products and services are a good substitution of your products and their products can also influence sales of your own company. Since the competitive analysis sheet enables you to define your competitors, the sheet is completely based on the performance of your competitors.
In this sheet, your top competitors are listed. You can assign marks or rating to each competitor according to their performance. There are different types of questions in the competitive analysis sheet which have three options. You have to choose anyone of them according to the performance of the competitor’s performance.
The use of competitive analysis sheet is very useful for those people who want to make a comparison with their competitors. Making a comparison with competitors is very useful as it allows the company bring improvements in its policies to improve the sales. There are some benefits of competitive analysis sheets.
- Competitive analysis sheets are used for the management of the company which is responsible for making the strategies for the company.
- The opportunities available in the market are also identified which a company can avail to improve itself.
- You can also take advantage of the weaknesses of the competitors and can grow more than your competitors.
- The competitive analysis sheets enable you to make better decisions regarding your strategies and it also ensures that you can create the competitive advantaged which can be sustained for a long period of time.
- You can also forecast the conditions of future which will be helpful for you to make decisions regarding investments. You can also predict the future of the competitor so that you can adapt yourself to the changes which will be brought in the market due to the planned and changing strategies of the competitor.
There are many sections in the competitive analysis sheet which cover different areas. The mains sections are based on the profile of competitor, the marketing profile, profile of products, SWOT profile etc.
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