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The importance of business planning is knowing how to out-perform competitors.SWOT is a tool that can be used for internal and external purposes.
Weaknesses are what the competition needs to work on: the cost of goods is too high, which may be causing the company to have to continue to raise prices.
An opportunity signals a business to improve its product or service by using competitive advantage.
After utilizing SWOT, let's say it's evident that your competition is lacking in the customer service department.
Your business can utilize that opportunity and make it a goal to have superior customer service, which may cause competitors' customers to switch over to your product.
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Plus, get practice tests, quizzes, and personalized coaching to help you succeed.It may be easier to gain information on competitors by looking through their websites, looking online at reviews, their brochures and marketing materials, or even buying some of their products and analyzing the products and related customer service experience first-hand.For smaller businesses, let's say local restaurants, you could examine their menus, go to the restaurants to try their food items and experience their service, ask around for information about their services, and check out local review websites.Anyone can earn credit-by-exam regardless of age or education level.By analyzing your competition and then monitoring them on an ongoing basis, you’ll get to know their behavior, enabling you to anticipate their actions and stay one step ahead. You want to make sure shoppers have a reason to pick you over everyone else.A threat is an outside issue that can affect a company's performance.An example of a threat is an economic downfall in another country where goods or the raw materials needed to manufacture them are obtained.Using SWOT analysis on competitors allows a company to determine a competitor's strengths and weaknesses, as well as relevant opportunities and threats that can guide business planning. We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities.You can test out of the first two years of college and save thousands off your degree.Competition analysis can be done whenever you are planning a product or service launch or revision.Using a SWOT analysis on competitors makes it easier to visually analyze a competitor's strengths, weaknesses, opportunities, and threats.