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Competitive Analysis of Market

Why is competitive analysis needed ? Competitive analysis is basically an insight into the status of the market for his product or the service. It gives a real and pragmatic picture of the strength and marketability of the product in comparison to the like in the market. It is structured method of understanding the market forces and how they influencing the vulnerability of the products or services marketed any particular entrepreneurs.

The entrepreneur needs competitive analysis to know:

(i)    the various dimensions of the market
(ii)    the potential entrants into the market
(iii)    the direction of change in the consuming trend
(iv)    the potential buyers in the market
(v)    the treat of substitutes or new products.

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