competitor-analysis

Vocabulary Word

Definition

In a business context, 'competitor-analysis' is like a research mission. You're learning about your rivals in business--who they are, what they do, and how they do it so you can do better.

Examples in Different Contexts

In business development, 'competitor analysis' is assessing competitors to inform strategic decisions. A business analyst might report, 'Our competitor analysis indicates that we need to invest more in technology to keep pace.'

Practice Scenarios

Business

Scenario:

Our rivals seem to have a good grasp on the younger demographic. We need to pay closer attention to their strategies.

Response:

Yes, a comprehensive competitor analysis will assist us in understanding their strategies and catering to the younger demographic efficiently.

Marketing

Scenario:

The use of social media influencers by our competitors seems to be working well for their brand visibility.

Response:

Agreed! Let's conduct a deeper competitor analysis to determine the exact impact of influencer marketing on brand visibility.