Definition

Looking at customer trends and what competitors are doing. Simple research helps spot opportunities and potential challenges.

What to consider

  • Focus on direct competitors.
  • Identify unique selling points.
  • Continuously monitor competitor moves.

Real world scenarios

  • An entrepreneur studies the strengths and weaknesses of local competitors before launching a new service.
  • A startup compares pricing models with its main rivals to refine its offering.
  • A small business conducts mystery shopping to gauge competitor customer service.

Related terms

Entrepreneurial Finances