Competitors can be both inside and

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Outside the target market, known as direct and indirect competition. Organizations should consider anyone who offers similar products and services, is in the same area, and attracts the same customers. 2- Conduct research Once competitors are identified, management can conduct competitor analysis of the product by studying the companies' market history. By tailoring business models, owners can differentiate their own approach to improving customer reach and fulfillment. Management can begin by identifying competitors through pricing strategies, customer demographics, marketing techniques, and expansion over the years. 3- Analyze product information To get a better look at competitors' products, project managers should consider reading marketing flyers, brochures, emails, product websites, and general annual reports. These resources help owners gauge other companies' pricing, marketing, and sales strategies.




Through further evaluation, companies can determine competitor objectives, performance versus other organizations, and footholds in the market. Surrounding companies may try to increase their shares, long-term profits, and market growth. 4- Create a Iraq Email List competitive strategy By understanding competitors' goals and strategies, organizations can determine what sets them apart and how they can create an advantage. Based on competitor analysis, owners may realize that they need to adjust pricing strategies, quality, marketing approaches, customer support, sales channels, and product descriptions. This data provides insight into a company's performance and how it can achieve goals, such as sales and financial goals. For example, if competitors neglect online sales marketing, a company can use this weakness to its advantage by establishing a foothold in the e-commerce market. 5- Continuous research Some companies may find that analyzing a single competitive product does not provide sufficient insight.







In this case, managers must update their assessments regularly to monitor market changes. This also gives organizations the possibility to adapt their business strategies according to emerging trends and competition. Product Analysis Tips 1- Start with a leading product A flagship product is the first item or core solution that a company launches. Managers should start their analysis with key products and branch out slowly, because these goods usually generate the most sales and revenue. 2- Standard products While the performance of competitors' products is closely related to the analysis process, companies must also set goals for themselves.