Competitive Analysis is an integral part of understanding the industry in which a company competes. It is critical, not only for established companies, but also for new business start-ups. Often times a competitor analysis is required by lenders as part of developing the business plan.
A thorough competitor analysis includes several key components. Some of the key factors to find out about your competitors include the following:
- Market share
- Strengths and weaknesses
- General image and conditions
- Facility location and conditions
- A thorough understanding of the clients competitive position in relation to their competitor