Competitive advantage An advantage over competitors gained by offering consumers greater value
Competitor analysis Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.
Competitive marketing strategies Strategies that strongly position the company against competitors and give it the greatest possible competitive advantage.
Creating competitive advantage begins with a thorough understanding of competitors’ strategies. But before a company can analyze its competitors, it must first identify them—a task that’s not as simple as it seems.