Competitor Analysis is an assessment of the strengths and weaknesses of current and potential competitors. There are many companies, services and tools, which can help you assess strengths and weaknesses of your competitors' in more detail before developing an appropriate strategy. Some companies practicing methodical and forward competitor profiling which give considerable advantages. As such, an extensive competitor profiling ability is rapidly becoming a core for successful competition. Actually, as in chess, a good strategy is the best protection in the game of business as well. There is an important flavor of competitive analysis and it is deciding what your own company's strengths and weaknesses are. Once a company has decided its strengths, it can go about the process of using those strengths to sharpen its location in the marketplace. Conversely, an inspection of inner weaknesses should stimulate enterprises designed to address those drawbacks. Analysts have also indicated out that hereditary competitive analysis has become more compound and possibly time-consuming, since so many businesses propose diversified products and services.
Intelligence activities should confirm a competitor monitoring system to assess and ensure early warning of new strategic and tactical competitive threats and possibilities. Having a strong competitor monitoring system is a way to stay ahead of your competitors.