How To Analyze Your Competition And Opportunities In The Marketplace
current market position. Threats to your current market position might include new businesses entering the marketplace or current competitors introducing new products into the marketplace.
Be sure you conduct a SWOT as it’s essential to identifying business opportunities in the marketplace.
Conduct a SWOT on your competitors’ businesses
Conduct a SWOT analysis of your competition, particularly focusing on their strengths and weaknesses. Obviously, you cannot do as in-depth of an analysis as you can for your own business, but you will gain insight and better understand your competition through the process.
Find reviews of the competition
Find market reviews of the competition and analyze them to determine where your competition is positioned in the marketplace. You can generally find
