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Effective competition analysis

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Can someone please give me some assistance, help get me started with this question. What is involved with assessing your competition? Why is it important? How can strong competitors benefit a company? Discuss the advantages of being a market follower. When would you apply this strategy?

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This solution describes how to conduct effective competition analysis.

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In providing guidance for this posting, one of the first things that is involved in assessing your competition is accumulating as much data about the competition as possible. This data would be utilized in order to conduct a SWOT of your competition, which would include assessing the strengths, weaknesses, opportunities that are available to the competition, and threats to the competition. This would be very important to ascertain, due to the fact that this would provide you the means by which to effectively compare your organization with the competition, and to determine the areas in which your organization has advantages over the competition, and the areas in which the ...

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