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There are other things to determine when analyzing the market, industry, and competition.
Strengths and Weaknesses. What are you competitors’ strong and weak points? Determine as many factors as possible for each business that you can consider competition. Strengths can include “a great customer service department” and weaknesses can include things such as “a pushy sales force”.
Opportunities and Threats. What opportunities exist in the market that you as a company can take advantage? Which threats in the market exist? How big are both the market threats and opportunities? Identifying all these factors can help you determine a strategy.
Competitors’ Finances. Another important thing to determine is how solid your competitors’ finances are. Are they on the brink of bankruptcy or are they financially strong? Gather as much information on this as possible because it can also affect your decision making. Use financial rations to help you during this process.
Please read our more detailed article on SWOT Analysis - Strengths, Weaknesses, Opportunities, Threats as well.
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