Companies use various methods to analyze competition:
SWOT Analysis: This tool helps businesses identify their strengths, weaknesses, opportunities, and threats in relation to their competitors. Competitive Benchmarking: This involves comparing key performance metrics with those of leading competitors to identify areas for improvement. Market Research: Gathering data on competitor strategies, customer preferences, and market trends to make informed business decisions. Porter's Five Forces: A framework that analyzes the competitive forces within an industry to determine its attractiveness and profitability.