Competitor Analysis

Definition of Competitor Analysis

The assessment and evaluation of the strengths and weaknesses of current and potential competitors.

Explanation of Competitor Analysis

Competitor analysis involves researching and evaluating the strengths and weaknesses of current and potential competitors. This process helps businesses understand their market position, identify opportunities and threats, and develop effective strategies to gain a competitive edge. Competitor analysis includes examining competitors’ products, pricing, marketing strategies, customer reviews, and overall market presence. By benchmarking against competitors, businesses can identify areas for improvement, differentiate themselves, and capitalize on market trends. Regular competitor analysis is essential for staying informed about industry developments, anticipating changes, and making informed decisions to enhance business performance and growth.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.