To analyze market competition effectively, entrepreneurs can use several methods:
1. SWOT Analysis: This involves evaluating the Strengths, Weaknesses, Opportunities, and Threats of both the entrepreneur's business and their competitors. 2. Competitor Benchmarking: Comparing key performance metrics with those of competitors to identify areas of improvement. 3. Market Research: Conducting thorough market research to understand market trends, customer preferences, and the competitive landscape.