competitive-analysis

Vocabulary Word

Definition

'Competitive-analysis' is a detailed study to understand your competitors, their products, or services. It's scanning the market to figure out what others are doing to be successful so you can plan strategies to compete better.

Examples in Different Contexts

For a new software startup, 'competitive-analysis' could mean assessing the functionalities, user-friendliness, and pricing models of existing similar software to carve out a unique market position.

Practice Scenarios

Tech

Scenario:

We need to make a qualitative assessment of our software. I’ve noticed that other competitors have focused a lot on user experience lately.

Response:

Indeed, a qualitative competitive-analysis on similar software can help us enhance our product.

Business

Scenario:

Many firms in our sector are rapidly diversifying and capitalizing on new market opportunities. We should consider how such changes may affect our business.

Response:

Certainly, let's perform a competitive-analysis to identify potential areas for product diversification.