Competitive landscape analysis involves a detailed comparison of your enterprise against others fulfilling similar customer needs. The parameters for this comparison might vary based on the analysis technique and objectives, including:
- Pricing strategies;
- Target demographics;
- Branding efforts;
- Organizational and HR frameworks;
- Production and distribution mechanisms;
- Marketing approaches.
It's crucial to distinguish competitive landscape analysis from benchmarking — another comparative practice. Unlike the focused scope of competitive landscape analysis, benchmarking involves comparing your business against top performers across industries, aiming to identify superior practices and establish benchmarks for growth. Competitive landscape analysis, however, zeroes in on understanding the current market dynamics, evaluating competitive intensity, and scrutinizing both the strengths and vulnerabilities of market counterparts.