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Competitive Analysis is the process of identifying your company’s competitors and evaluating their strategies in order to reveal their relative strengths and weaknesses and discover opportunities for how to position your company to achieve competitive advantage.
A Competitive Analysis informs your company’s strategy and is an integral part of the marketing plan. To conduct a competitive analysis, create a grid of all of your competitors, including direct competitors, indirect competitors, and potential new entrants to the market. Once you have the list completed, then identify the products and services each competitor sells, their profitability, financial resources, market share, growth and marketing strategies, strengths, weaknesses, and resulting implications for your business. What threats and opportunities come to the fore? The answer to this question is what you are driving toward. The Competitive Analysis should reveal where your business fits within the overall industry as well as how it compares against your direct competitors.
Specific tools used to create a Competitive Analysis typically include a spreadsheet that allows you to classify your competitors into strategic groups and list their features across multiple categories.
Unlike most traditional Competitive Analysis techniques, upBOARD’s online Competitive Analysis collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other business strategy best practice tools and templates, including:
ADL Matrix, Affinity Diagrams, Baker’s 4 Strategies of Influence, Balanced Scorecard, Benchmarking, Blue Ocean Strategy, Bowman Strategy Clock, Build-Measure-Learn Feedback Loop, CAGE Distance Framework, Competitive Analysis, Competitive Landscape Analysis, Contingency Planning, Core Competence Analysis, Critical Success Factors, Discovery Driven Planning, Five Forces Model, Force Field Analysis, Gap Analysis, GE McKinsey 9-Box Matrix, Go To Market Strategy, Hambrick & Frederickson’s Strategy Diamond, Hedgehog Model, Hook Model of Behavioral Design, Hoshin Planning System, Kay’s Distinctive Capabilities Framework, Kotler’s Five Product Levels Model, Kotler’s Pricing Strategies, Lafley & Martin’s Five Step Strategy Model, McKinsey’s Seven Degrees of Freedom for Growth, Mission Statements, Mullin’s Seven Domains Model, OGSM Framework, Ohmae’s 3-C’s Model, PEST Analysis, Porter’s Diamond, Portfolio Management, Purpose Statements, Pyramid of Purpose, Scenario Planning, Simonson & Rosen’s Influence Mix, SOAR, Strategic Goals, Strategic Roadmap, Strategy Map, Strategy Roadmap, Strategy Uncertainty Map, SWOT Analysis, TOWS Matrix, Triple Bottom Line, USP Analysis, Value Chain Analysis, Value Disciplines Model, Value Net Model, Values Statement, Vision Statements, VRIO Analysis, and Weisbord’s Six-Box Model.