“What features does your product have only?” to identify the benefits.
“What areas require improvement to stand out from the competition?” to find growth areas.
“What common features can you enhance or adapt to your needs?” to improve your product’s position against your competitors.
Based on the analyzed data and results, develop a business strategy, presenting opportunities for adjusting the product line, changing and adapting the marketing strategy, creating new services for customers and activities to increase loyalty.
Let's say you're analyzing three competitors sweden mobile database in the food delivery market. The analysis might include the following parameters: delivery time; menu variety; delivery cost; ease of ordering app.
A Venn diagram for such a comparison would show:
Common parameters (for example, “fast delivery” for all three companies studied).
Unique features (for example, one competitor has exotic dishes).
Areas where your business can outperform the competition (for example, improving the usability of an app or the checkout process on a website).
Carefully study the visualization and, based on the Diagram, answer the questions:
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