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

In the smartphone industry, a 'competitive-analysis' might entail studying features, pricing, and branding of different models to identify gaps and potential areas for differentiation.

Practice Scenarios

Design

Scenario:

We've been receiving feedback from customers mentioning that our design isn't as intuitive as some of the competing products. We need to delve into this.

Response:

I concur. We should carry out a competitive-analysis to understand the design trends in the market better.

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.