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The process guides users to define a specific target group, identify up to three competitors, and capture customer-centered reasons competitors succeed or underperform. It then structures key findings in strengths and weaknesses columns, highlighting patterns, opportunities, and differentiation ideas. 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This supports selecting strategies that improve competitive advantage.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How do you summarize the target group in the template?",{"text":113,"@type":109},"Describe who buys your offering with as much specificity as possible. Include relevant details such as business size and industry for B2B, or age, goals, gender, education level, and interests for consumers.",{"name":115,"@type":106,"acceptedAnswer":116},"How are key findings captured for strengths and weaknesses?",{"text":117,"@type":109},"In the fourth column, record what stands out, discover patterns, and note opportunities related to strengths. 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It supports you in creating your unique position in the market. With this analysis you make an assessment of the strengths and weaknesses of your current and potential competitors. With a better understanding of your competition you can choose and implement effective strategies that will improve your competitive advantage.  \nTips for use  \nWith the Competitor Analysis you analyze your competitors’strengths and weaknesses. This tool can easily be used by yourself, or with colleagues. Print the template and use the tool to create an understanding of your competition.  \nHave a look at the example of Fleur Flowers to get an understanding of a Competitor Analysis.  \nHow to use  \nWith the Competitor Analysis you analyze your competitors’strengths and weaknesses. Follow the steps to complete your own Competitor Analysis.  \nSummarize your target group  \nShortly describe your target group. Who are the customers that buy your offering? Make the description as specific as possible. If  \n© InnoValor, 2018  \nyour target group consist of businesses you can mention their size, industry or their offering. If your target group consist of consumers you can mention their age, goals, gender, education level or interests.  \nIdentify your competitors  \nWrite the names for up to three competitors in the first row. To help you generate this list, think of where your customers would go if they cannot buy your product or service.  \nDetermine competitors’ strengths and weaknesses  \nNow think like your customers. Why would a customer go for the services of your competitors instead of coming to your company? You can describe this by thinking about the offerings of your competitors. It would even be better when you visit your competitors and experience what their customers experience. Write down three strengths of each competitor. Also consider why customers would not go to your competitors. Write down three weaknesses of each competitor.  \nDescribe the key findings  \nFinally, in the fourth column of the template write down the key findings for the strengths. What stands out? What patterns can you discover from your competitors? And which opportunities can you come up with? Also, write down your key findings for the weaknesses. What are the aspects that  \nyour competitors don’t do well? How could you avoid making the same mistakes? What should you do to serve your customers in such a way that you differentiate from your competitors in a positive way?  \n© InnoValor, 2018  \ncompetitor analysis name    \ntarget group    \n\n| competitors |  |  |\n| --- | --- | --- |\n|  |  |  |\n\nmost important findings  \nstrengths  \n\n|  |  |  |  |  |\n| --- | --- | --- | --- | --- |\n|  |  |  |  |  |\n|  |  |  |  |  |\n\nweaknesses  \n\n|  |  |  |  |  |\n| --- | --- | --- | --- | --- |\n|  |  |  |  |  |\n|  |  |  |  |  |\n\ndate  \nExample Fleurs Flowers  \nindustry Retail  \nproducts & Flowers services  \nsize of 2 full-timers 2 part-timers business  \nrevenue € 37,000  \nlocation Main street-Bloomfield  \n© InnoValor, 2018  \nFleurs Flowers is a flower shop in a small town. Fleur sells flowers to a small group of regular clients who regularly purchase fresh flowers from her shop. Her customers generally consist of men and women aged 25. The customers often just bought a house and flowers are the perfect way to bring atmosphere to the new place. In addition, she has customers who buy flowers for birthday and holiday occasions. With Valentine’s and Mother's Day she is working overtime to meet the demand  \nFleurs Flowers’ competitor analysis  \nA company like Fleurs Flowers has a difficult time in today's society. She has a physical store that is open during shopping hours. Her customers are people who also work at those times. These customers search for convenience in their shopping. Internet shopping is very popular amongst these people. Fleur w","cbCaiaqSPrISHcAS","https://ap.wps.com/l/cbCaiaqSPrISHcAS","pdf",886677,6,"English","# Competitor Analysis\n## How to use the template\n## Tips for use\n## Summarize your target group\n## Identify your competitors\n## Determine competitors’ strengths and weaknesses\n## Describe the key findings\n## Example: Fleurs Flowers competitor analysis","[{\"question\":\"What is the purpose of a Competitor Analysis template?\",\"answer\":\"It helps you understand your competition, assess competitors’ strengths and weaknesses, and build a clearer market position. This supports selecting strategies that improve competitive advantage.\"},{\"question\":\"How do you summarize the target group in the template?\",\"answer\":\"Describe who buys your offering with as much specificity as possible. 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