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Key Components of a Competitive Market Analysis
A thorough competitive market analysis typically includes several key components:
- Competitor Identification: Identifying direct and indirect competitors is the first step in understanding the competitive landscape.
- Product Analysis: Evaluating competitors' products or services helps you understand their features, benefits, and pricing strategies.
- Marketing Strategies: Analyzing how competitors market their products can provide insights into effective promotional tactics and channels.
- SWOT Analysis: This involves assessing the strengths, weaknesses, opportunities, and threats related to your business and competitors.