An analysis of the market and competition provides you with vital information on your industry, customers and rivals. You not only obtain a complete picture of your market environment, you also have future market developments on your radar. What is more, a thorough analysis of the market and competition allows you to identify the strengths and weaknesses of your business model, as well as those of your rivals. This is a constructive step towards minimizing risk and allows you to recognize market potential early and benefit from it.
A rigorous analysis of the market and competition often demands considerable effort. But it is worth investing time in this. To make things easier for you at the beginning, Helvetia has put together an overview of the five most common methods.