Competitor analysis is the process of identifying and evaluating the strengths and weaknesses of a business's competitors. It helps businesses to understand their competitors' strategies, products, services, and marketing tactics so that they can make informed decisions about their own business strategy.
Competitor Analysis
Have you ever played a game with your friends and tried to figure out what they were going to do next? That's kind of like competitor analysis! It's when we try to learn about what other companies are doing so that we can make our own company better. We look at their strengths and weaknesses, and try to find ways that we can do things even better than they do.
What is competitor analysis?
SWOT analysis is like making a list of all the good things and bad things about something. It helps us understand what we're good at, what we need to improve, and what might be difficult for us. Just like how you make a list of pros and cons when choosing which toy to play with, SWOT analysis is a tool that helps grown-ups make decisions too!
SWOT Analysis
What do you think are the key factors that a business should consider when conducting a SWOT analysis?
Create a SWOT analysis for the competition the following business situation: A potential competitor to YouTube and the business idea of online video streaming STRENGTHS
Would you rather have complete access to your competitor's market research data or have the ability to read your competitor's CEO's mind?
- Have complete access to your competitor's market research data
- Have the ability to read your competitor's CEO's mind
Create a SWOT analysis for the competition the following business situation: A potential competitor to YouTube and the business idea of online video streaming WEAKNESSES
If you could only eat one food for the rest of your life, would you choose pizza or tacos?
If you could only save one of the following, which would you choose?
- Your pet dog
- A stranger's child
Would you rather have the ability to freeze time for 10 seconds once a day or be able to teleport once a month?
- Freeze time for 10 seconds once a day
- Teleport once a month
Create a SWOT analysis for the competition the following business situation: A potential competitor to YouTube and the business idea of online video streaming OPPORTUNITIES
You have the power to bring one extinct animal back to life, but in doing so, you must make another animal go extinct. Which two animals do you choose?
- Bring back the dodo, make the pigeon go extinct
- Bring back the woolly mammoth, make the elephant go extinct
Create a SWOT analysis for the competition the following business situation: A potential competitor to YouTube and the business idea of online video streaming THREATS