Conducting an effective CMA involves several steps:
Identify Competitors: Identify businesses offering similar products or services within the relevant market. Collect Data: Gather data on competitors' pricing, product features, market share, and customer reviews. Analyze Market Trends: Look at market trends and consumer behavior to understand current and future market conditions. Evaluate Data: Compare the collected data to identify strengths, weaknesses, opportunities, and threats (SWOT analysis). Make Informed Decisions: Use the insights gained to refine your business strategy, product offerings, and marketing approach.