How To Analyze Your Competition And Opportunities In The Marketplace
of indirect competitors.
Direct competitors are those competitors that your customers may choose when they decide to purchase a product or a service. Indirect competitors, on the other hand, are those competitors that try to win your customer’s business indirectly. For example, a movie rental business is an indirect competitor with movie theaters.
Conduct a SWOT on your business and on the competition
SWOT which stands for Strengths, Weaknesses, Opportunities, and Threats analysis is often conducted by businesses that want to identify opportunities or to work on their business or marketing plans. By conducting a SWOT analysis, you’ll be able to identify ways to use your strengths and improve upon your weaknesses.
You’ll also be able to identify opportunities you have in the marketplace and threats to your
