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What is Competitive Analysis?

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Competitive Analysis is a process of gathering and analyzing information about your competitors, their practices, products, strengths and weaknesses and business trends in order to assess your position in the market and improve your products and marketing strategies.

What is the purpose of Competitive Analysis?

In today's market, you must know what your competitors are doing and what to do to stay ahead of the competition. Many businesses believe they are providing a good product to their customers, but do not have reliable information showing how customers perceive their product or how it compares to the competition.

A Competitive Analysis performed by an unbiased third party is an invaluable tool because it can help you identify ways to attract new customers, as well as keep the ones you have satisfied with your products.

nResult's Competitive Analysis can help you determine the following:

• Strengths and weaknesses: How your product stacks up against the competition and in what areas they have an edge over your product and in what areas your product is superior.
• Identify your competition: Verify who your primary and secondary competitors are.
• Improvements: How and in what areas your product, processes, and practices must be improved to meet market demands or to stay ahead of the competition.
• Marketing: What improvements you need to make in your marketing approach - you may want to highlight why your product is ahead of the competition, or the unique features that consumers desire.

How can Competitive Analysis help establish my product as a market leader?

Competitive Analysis gives you a realistic view of your competition. It also gives you the opportunity to identify improvement in areas like manufacturing processes, customer services, and marketing claims. It can help you compare products prior to making your marketing and promotional decisions, thus saving you both time and money.

nResult's Competitive Analysis will help you accomplish the following:

• Have a realistic view of your competition.
• Foresee market changes and demands.
• Identify ways to attract customers from your competitors.
• Discover opportunities for improvement in your business practices.
• Identify necessary changes in your processes to meet market demands.
• Identify necessary changes in your processes to reduce costs.

What will Competitive Analysis reveal about my products?

• What products compete with yours
• What advantages your products have over the competition
• What disadvantages your products have when compared to the competition
• The readiness of a new product in the market
• A realistic view of customers' perception of your product against the competition

What is nResult's approach to Competitive Analysis?

nResult evaluates features and functions of your products and those of the competition. Each evaluation covers a wide range of criteria, which are then classified in categories and subcategories. The results of the evaluations are kept in a proprietary secure web-based tool kit accessible only to you on-line.

Staffing: nResult will assign a Project Leader and Competitive Analysis Engineers to test and evaluate your product. The nResult Project Leader's primary responsibility is to ensure that our testing meets your requirements and is executed according to the agreements. We will also provide you with up-to-date progress, status, and findings. In addition to managing the testing process, the Project Leader will provide technical expertise and will work with you to make any required changes to the test plan as issues arise.

Scope: Before the Competitive Analysis is started, nResult Engineers will collaborate with you to define the scope of the analysis - which of your products and which of your competitors and their products will be included in the test.

Test Case Scenarios: nResult will work with you to develop evaluation profiles to ensure all features and functions are included.

Competitive Analysis Report: At the conclusion of testing your product, you will receive a detailed on-line Competitive Analysis Report from the nResult Project Leader and the nResult Engineers. This report will outline the results of comparing your product against the market.