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Financing, marketing strategy and future growth all require a well-researched and thought out business plan.
Information for a competitor analysis is available from a number of sources including news stories and press releases, advertising, company websites, promotional campaigns, patent and copyright applications, price lists and, in the case of publicly traded companies, annual reports and SEC filings.
Before you can begin writing your business planning roadmap, you need reliable information about your industry, your competitors, your product and your customers for inclusion in it.
An industry analysis, competitor analysis, product feature comparison and market research will give you the information you need.
This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.
By using the product, you can compare features on the competitor’s product with those of your own product.