Why is competitor analysis crucial in strategic growth planning?

Understanding the competition helps businesses position themselves strategically and avoid blind spots.

What Competitor Analysis Reveals:

• Strengths and Weaknesses: Highlights gaps you can exploit.

• Market Positioning: Clarifies how to differentiate.

• Pricing Models: Helps set competitive yet profitable pricing.

• Customer Sentiment: Reveals what customers love or dislike.

Strategic Uses:

• Inform your unique selling proposition (USP).

• Predict and respond to competitor moves.

• Avoid investing in oversaturated areas.
  

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