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Competitive analysis is the process of understanding your competitors in business, including their strengths and weaknesses, and how your product or service compares. This analysis aids in defining your value proposition, identifying market opportunities, and developing competitive strategies.
A thorough competitive analysis will include factors such as the competitors' product or service, market share, pricing, marketing strategies, and customer base. It helps you to understand the competitive landscape and identify gaps in the market that your business can fill. For startups, a competitive analysis can provide valuable insights to help shape the business strategy, marketing efforts, and product development.
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