Strategic Competitive Analysis and Benchmarking
Any business manager that looks forward to standing in the current business world should be ready to do an analysis of the business competitors in the business industry. It is common knowledge to many business managers that competitive review is not an option but a compulsory, which a manager desires to remain relevant and profitable in the business world. The managers have to do a competitive analysis of their strategy for their businesses with policies of their competitor. It calls for the manager to have competitive information systems that collect, store and process data managers will use in doing a competitive analysis in data strategies. For them to collect the data to use in the competitive information system they have to do benchmarking. The managers have to benchmark their business with the industries best. Benchmarking is a continuous process that takes place throughout the life of the market. It helps the company to realize the weaknesses and strengths of their strategies with comparison with the industries best. Besides, it will enable them to achieve opportunities they can maximize to stay ahead of their competitor. The managers will use the data collected to do a competitive analysis of their business strategies (“Benchmarking and Competitor Analysis Dorchester: Edwards and Keeping”).
The idea of gaining a competitive advantage brings a need of…
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