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How to make a good analysis of the competition

February 3, 2020
How to make a good analysis of the competition

If you are an individual entrepreneur or an entrepreneur who wants to open a new company or a new business, knowing how to analyze the competition can be key in deciding whether or not to open the company. An analysis of the correct competition is based on a series of steps to get to know the main competing companies better. Here we explain the steps to follow to make a good analysis of the competition.

Steps to follow:

1. The first step would be to know the location of the company we are analyzing.

2. Second, we should know the profile of customers who consume products or services from that company.

3. In the third position would be the delimitation of the dates and hours of opening of the company of the competition that we are analyzing.

4. The fourth step would be to know how the company analyzed presents the products offered.

5. Fifth, we would have a description of the sales and distribution methods presented by the analyzed company.

6. Finally, we should know the weight, presence, and influence of the company analyzed within the sector and the market.

Tips

  • These steps must be repeated for each of the competing companies we want to analyze.
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