20 Business Competitive Analysis Terms
Welcome to our guide on the top 20 business competitive analysis terms!
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In the fast-paced world of business, staying ahead of your competition is crucial. That’s where competitive analysis comes in – it allows you to gather valuable insights on your competitors and make informed decisions for your own company.
- SWOT Analysis – A strategic planning technique used to evaluate the strengths, weaknesses, opportunities, and threats of a business.
- Porter’s Five Forces – A model that identifies the five key forces that shape the competitive environment of an industry: bargaining power of suppliers, bargaining power of buyers, threat of new entrants, threat of substitutes, and intensity of competitive rivalry.
- Value Chain Analysis – A framework that examines a business’s internal activities to identify potential sources of competitive advantage.
- PEST Analysis – An analysis of the political, economic, social, and technological factors that may impact a business or industry.
- Competitive Advantage – The unique set of strengths and capabilities a company possesses that allows it to outperform its competitors.
- Core Competencies – The specific capabilities and skills that give a business a competitive advantage and contribute to its success.
- Market Share – The percentage of total sales in an industry that is captured by a particular company or product.
- Brand Equity – The value and strength of a brand, including its perception, recognition, and reputation among customers.
- Differentiation – The process of creating a unique and desirable position in the market for a business or product.
- Cost Leadership – A competitive strategy that focuses on reducing costs and offering products at lower prices than competitors.
- Niche Market – A specific, smaller segment of a larger market that a business targets with its products or services.
- Innovation – The introduction of new ideas, products, or methods that differentiate a business from its competitors.
- Market Segmentation – Dividing a market into smaller groups based on characteristics such as demographics, behaviors, and needs.
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- Target Market – The specific group of customers that a business aims to reach with its marketing efforts and products.
- Customer Lifetime Value – The estimated amount of profit generated by a customer over the course of their relationship with a business.
- Market Saturation – The point at which all potential customers in a market have been reached and the growth potential for a business plateaus.
- Customer Retention – Strategies and efforts to keep existing customers loyal to a business or brand.
- Competitive Benchmarking – Comparing a company’s performance, processes, and practices to those of its top competitors.
- Market Positioning – The way in which a business or product is perceived by consumers compared to other options in the market.
- Industry Analysis – An assessment of the overall industry and its trends, challenges, and opportunities that may impact a business’s performance.
So there you have it – 20 business competitive analysis terms that are essential to know and understand in today’s fast-paced and ever-changing business landscape. By now, you should have a good grasp of what these terms mean and how they can be applied to your own competitive analysis strategies.
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