what is the meaning of competitive analysis??

[supergolfer]

what is the meaning of competitive analysis??

[Rattan11]

A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market.

Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer's dollar. For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales) of the competitor's business. Answer questions such as:

Who are your competitors?
What products or services do they sell?
What is each competitor's market share?
What are their past strategies?
What are their current strategies?
What type of media are used to market their products or services?
How many hours per week do they purchase to advertise through the media used in this market?
What are each competitor's strengths and weaknesses?
What potential threats do your competitors pose?
What potential opportunities do they make available for you?

Doing a complete analysis of your competitors is know as competitive analysis.

[Neel Patel]

after reading the answer of Offline Rattan11, I can say a really great explanation. 

[Ravina97]

Identifying your competitors and evaluating their methods to determine their strengths and weaknesses relative to those of your own product or service. A competitive analysis is a crucial part of your company marketing plan.

[robicse]

 Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.
A competitive analysis is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market

[Rattan11]

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service. A competitive analysis is a critical part of your company marketing plan.

[MVMInfotech18]

To strengthen the success of your product, competitive analysis is used to identify competitors in your market and analyze their strategies. Using online tools, you can access and monitor competitor’s digital information including domain authority, social media outreach, and keyword analysis.

[John - Smith]

Agreed with user Neel Patel. Rattan11 explained competitive analysis so well!