How to Write a Competitive Analysis for a Business Plan.
Competitive analysis (CA) — sometimes called competitor analysis — is a vital process to help businesses stay on the cutting edge and anticipate market changes that they can use to their advantage. Competitive analyses, which should be conducted periodically, can help you strategize and plan for company growth by discovering opportunities and threats.
Recommended: Read how to write your first PESTLE analysis from scratch. PESTLE ANALYSIS BY PEPSICO. PepsiCo is the largest selling beverage the world over, of course after its arch rival Coca Cola. It accounts for a 37% share of the global beverage market, and therefore they need to understand each and every country’s market in order to stay in line with their PESTLE situations.
A strategic gap analysis looks at company’s strategy and is closely tied to benchmarking (comparing yourself to competitors or best practices). An example of a strategic gap analysis is a handyman service that wants to grow into becoming a larger contractor.
A competitive analysis is an analysis of your competition to find out what their strengths and weaknesses are, and how those strengths and weaknesses compare to your own. It’s a process of benchmarking your own results against the heavy-hitters in your industry, so you can identify opportunities for growth as well as strategies that aren’t performing as well as they should.
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy.
In this article, we’ll review a competitive analysis example that will give you a head start on your own analysis and can be used as a competitive analysis template for the future. In this example, we’ll compare project management software sites like Basecamp, Asana, and Wrike. Get started with your own free competitive analysis template.
Competitive positioning. You need to know how your business stacks up, in terms of the values it offers to its chosen target market. Key marketing tactics including pricing, messaging, and distribution, while others are about positioning your business against the background of the other offerings.