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Competitor Analysis is performed to identify strengths, weaknesses, opportunities, threats of competitor patent portfolio. It is beneficial to conduct a thorough well-planned analysis of your competitors in an industry, and be able to anticipate their strategic movements in the technology.
It helps you to plan your responsibility and avoid, foresee or react to every action that a competitor takes which may fall in line with your business. However, the service is an important policy that can be used to enhance your business in a market.
The competitive analysis must come first to assess the competition and its effects on the market so you can find a chance to examine an effective strategy for introducing your product to the market.
The first move you should consider whenever you want to undergo a competitive analysis is observing and assessing your competitor’s market and technology to compare them with your business. Below are the considerations of what you should include in your competitive analysis:
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