Product Analysis: Product analysis is a method used to evaluate a business’s existing or potential products and develop marketing strategies. Businesses can identify the strengths and weaknesses of their products through product analysis and make improvements to gain a competitive advantage. The analysis involves evaluating the current features, performance, quality, design, packaging, and other characteristics of the product. Advantages and disadvantages of the product are determined by considering customer needs and expectations.
Competitive Analysis: Competitive analysis is an assessment conducted by businesses to evaluate their competitors and the competitive landscape in the market. Competitive analysis helps businesses understand the strengths and weaknesses of their competitors and assists in developing their own competitive strategies. The first step in competitive analysis is identifying the business’s competitors, which may include both direct competitors (businesses offering similar products or services in the same market) and indirect competitors (businesses offering alternative solutions).
Market Analysis: Market analysis is a research process conducted by businesses to assess potential customers, competitors, trends, and the size of the market in which they operate. Market analysis provides businesses with valuable information when making strategic decisions and developing marketing strategies. Market analysis evaluates the size and growth rate of the market in which the business operates. This helps the business understand its potential and identify future growth opportunities.