What is the purpose of 'Competitive Evaluation'?

The purpose of 'Competitive Evaluation' centers around the systematic comparison of a company's operations, performance metrics, and strategies against those of its competitors. This process helps an organization understand its position in the market and identify areas for improvement or differentiation.

By engaging in competitive evaluation, businesses gather insights into industry trends, competitor strengths and weaknesses, and market opportunities. This information is crucial for strategic planning and decision-making, enabling a company to adapt its operations, enhance efficiency, and better meet customer needs in a competitive landscape. It often involves analyzing various aspects such as product quality, pricing, market share, marketing strategies, and operational efficiency, which are essential for maintaining or gaining a competitive edge.