·         Is their business growing, steady, or declining? 

·         What can you learn from their operations or advertising? 

·         What are their strengths and weaknesses? 

·         How does their product or service differ from yours? 

Start a file on each of your competitors; include advertising, promotional materials, and pricing strategies. Review these files periodically, determining how often they advertise, sponsor promotions, and offer sales. Study the copy used in the advertising and promotional materials and their sales strategies.

What to Address in Your Competitor Analysis  

·         Names of competitors: List all of your current competitors and research any that might enter the market during the next year. 

·         Summary of each competitor's products: This should include location, quality, advertising, staff, distribution methods, promotional strategies, customer service, etc. 

·         Competitors' strengths and weaknesses: List their strengths and weaknesses from the customer's viewpoint. State how you will capitalize on their weaknesses and meet the challenges represented by their strengths.