The
paper discusses one of the most vital parts of a
company's
marketing strategy - thorough
analysis of the competition. Before the
business can define its marketing plan, it must learn the strengths and weaknesses of the other players, the nature of the potential buyers, and the capabilities of the suppliers. It covers other important
competitive factors such as the overall economy and trends in the consumer mindset. From this data, the company can then assess its options and decide how to market its product or service. This competitive analysis is an on-going and evolutionary process, on order for continuing success. This paper looks at factors that affect this activity, with examples from American business.