While formulating business strategies, the authority must consider the tactics of its competitors as it would help them to frame effective policies to gain a competitive edge over others. This is an effective way through which a strategic assessment of potential and current competitor’s weakness and strengths could be determined. This helps a business to build up both defensive and attacking strategies through which threats related to it could be determined as well. Therefore, a business competitor analysis must be framed in such a way so that it coalesce all the relevant business competitions and related factors to it under one frame.
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