The process of constructing a competitor analysis requires extensive research and a thorough, structured approach. This market analysis template provides a starting point and a structure for the due diligence required when analyzing the competition and coming up with a plan to overcome the obstacles.
Importance of Market Analysis
Whether you own a small or big business for a short or long period of time, market analysis is important to ensure that you are staying on top of current market trends. It gives you an in-depth perception of what drives demand, of what strategies your competitors are using, of what marketing techniques best fit your products and services, etcetera. It also helps you reevaluate your current business plan and strategies so you can maximize business growth.
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