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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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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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This solution describes how to conduct effective competition analysis.

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Conduct an internal and external environmental analysis for your proposed business. Using the information obtained from your internal and external analysis. List assignment, create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table.

a. External forces and trends considerations:
1) Legal and regulatory
2) Global
3) Economic
4) Technological
5) Innovation
6) Social
7) Environmental
8) Competitive analysis

b. Internal forces and trends considerations:
1) Strategy
2) Structures
3) Processes and systems
4) Resources
5) Goals
6) Strategic capabilities
7) Culture

Prepare a 1,200- 1500 word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include economic as well as legal and regulatory forces and trends. Your synopsis should identify the major decisions and recommendations for your selected forces and trend,critique how well the organization adapts to change. Identity issue and/ or opportunities that the company faces based on your analysis above. Generate a hypothesis surrounding each issue, classify the circumstances, attribute the importance for each classification.

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