Definition

The process of analyzing your competitors’ strengths, weaknesses, and strategies to improve your own business approach.

What to consider

  • Regularly analyze competitors to stay ahead in the market.
  • Identify both their strengths and weaknesses.
  • Use the insights to refine your own strategies.

Real world scenarios

  • Before launching his product, Mark conducted competitor research to understand the market landscape and refine his pricing strategy.

Related terms

Entrepreneurial Finances