A competitive analysis template tells us the strengths and weaknesses of all competitors with respect to our business. This analysis gives both offensive and defensive strategic context to deal with these threats and opportunities. Any competitive analysis report consists of information about a company’s competitors, competitor’s products, strengths and weaknesses of competitors, strategies used by competitors for achieving their objectives and a market outlook. This analysis tool should be prepared professionally to get maximum benefits. In marketing planning, companies can drive a competitive analysis which can be established as a means of evaluation. Undoubtedly, this tool helps business to introduce unique products or services which are thoroughly special to rivals. However, this is a scientific study that was developed for businesses to make sure what weaknesses of their competitors are. Importance of a Competitive Analysis: It is a fact that every business wants to flourish. Therefore, a business should have to evaluate both its internal and external factors that are affecting its strategies against competitors. With the help of a competitive analysis tool, it becomes easy for an individual or a business to find out a way to deal with these opportunities which are actually essential for success. Moreover, this

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