competitor analysis

Meaning

A competitor analysis is the process of identifying key competitors and researching their products, sales, and marketing strategies. Doing this helps a business understand its own strengths and weaknesses relative to the market. It is a standard, neutral term used in business planning.

Examples

• We need to conduct a thorough competitor analysis before launching the new app.

  We need to conduct a thorough competitor analysis before launching the new app.

• Our latest competitor analysis shows that rivals are lowering their prices.

  Our latest competitor analysis shows that rivals are lowering their prices.

• She presented a detailed competitor analysis during the quarterly meeting.

  She presented a detailed competitor analysis during the quarterly meeting.

• A good competitor analysis helps us identify gaps in the market.

  A good competitor analysis helps us identify gaps in the market.

• The marketing team is responsible for updating the competitor analysis every year.

  The marketing team is responsible for updating the competitor analysis every year.

Common Mistakes

• ✗ We did a competitors analysis last week.

  ✓ We did a competitor analysis last week.

  In noun-noun modifiers, the first noun ('competitor') is almost always singular, even if you are analyzing multiple competitors.

• ✗ We need to make a competitor analysis.

  ✓ We need to conduct a competitor analysis.

  Use verbs like 'conduct', 'do', 'perform', or 'run' with 'competitor analysis', not 'make'.

Related Expressions

Practice

• Before we set our pricing strategy, let's conduct a ___.

  💡 The study of your business rivals.

  Show answer

  competitor analysis

• The ___ revealed that our main rival has poor customer service.

  💡 An evaluation of other companies in your market.

  Show answer

  competitor analysis