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Use the insights gained from your analysis to innovate and stay ahead of the competition. Consider collaborating with other businesses or forming alliances to strengthen your position in the market. It will also highlight the competitiveposition of the two in the global market.
Established competitor analysis frameworks include: SWOT Analysis – An analysis of your competitors’ strengths, weaknesses, opportunities, and threats. This helps in understanding a competitor’s overall strategic position and potential areas for growth or risk.
This requires evaluating competitors’ strategies; identifying strengths, weaknesses, and opportunities; and leveraging insights from the competitive market analysis team or similar teams within the organization. This collaborative approach helps refine the strategy and build alliances, ensuring that it receives support from top management.
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