Competitor analysis

Well kiddo, you know how you like to know what your friends are doing so you can be just as cool as them? Well, businesses do the same thing. They want to know what their competitors are doing so they can be just as successful or more successful than them. This is called competitor analysis.

It means that businesses try to find out all they can about other businesses that are in the same market or selling the same kind of products. They want to know what their competition is doing well and what they might be doing wrong.

So, let's say your lemonade stand is your business, and there's another lemonade stand across the street. You'd want to know what kind of lemonade they're selling, how much they're charging, and how many cups they're selling.

Similarly, bigger businesses do the same thing. They look at their competitors and see how they can improve on their own product or marketing strategies to stand out.

But it's not just about copying what other businesses do. It's also about finding their weaknesses and using them to your advantage. So, like your lemonade stand across the street might not be making fresh lemonade, and you can use that as an advantage to promote your fresh lemonade.

Competitor analysis is like being a detective and finding out everything there is to know about your competition so you can be the best.