When the Ordering Party wants to learn about the actions and strategies used by competitors within the sector in order to compare them to their own operations. This is especially useful before taking important decisions in the company, including the decision to enter a new market.
The methodology for such research is tailor-made. The analysis of the collected data is sometimes combined with a research based on qualitative and quantitative methods. At times elements of open source business intelligence elements are included.
The main advantage is a more in-depth knowledge on the topic of the competitive environment in which the company operates. For example, it permits to build a strategy taking advantage of the competitions’ strong and weak points. Thanks to the competition analysis, the information gathered allows for, among others, a verification of the accuracy of the company’s present market strategy and the company’s conscious adjustment to the changing market situation. The analysis of the competition can prove inspiring in introducing changes and improvements in the company’s operations.