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Using SWOT analysis as part of your business planning gives the company information needed to be able to make necessary changes.SWOT analysis can be utilized for each competitor a company may have.Competition analysis allows you to learn your competitors' strengths and weaknesses, and then use that information, or competitive advantage, to improve your own business planning and practices.
After utilizing SWOT, let's say it's evident that your competition is lacking in the customer service department.
Your business can utilize that opportunity and make it a goal to have superior customer service, which may cause competitors' customers to switch over to your product.
Competition analysis can be done whenever you are planning a product or service launch or revision.
Using a SWOT analysis on competitors makes it easier to visually analyze a competitor's strengths, weaknesses, opportunities, and threats.
As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more.
Plus, get practice tests, quizzes, and personalized coaching to help you succeed.It may be helpful to write down all of your competitors and decide what you have in common with them and what is different.Consider all relevant factors, like product quality, physical location and appearance, expertise, payment methods and refund policies, customer service, and marketing style.' Deciding who your direct and indirect competitors are and how you compare with them is an essential step in determining how you should sell and market your product or service.Competition analysis is looking at your competitors' strengths and weaknesses compared to your company's.It is crucial for you to know information about your competitors so you can make your products or services different and, ideally, better than theirs. They are your direct competitors because they are the same type of business (restaurants), and they also serve the same kind of food.You must determine which competitors are your direct competition and which are your indirect competitors so that you can use this information in your business planning. An example of an indirect competitor would be a French restaurant. The best way to learn who your competitors are is through research.The importance of business planning is knowing how to out-perform competitors.SWOT is a tool that can be used for internal and external purposes.Anyone can earn credit-by-exam regardless of age or education level.The Competition Analysis can be a difficult and intimidating section of the business plan.