Competitive analysis is one of an important as well as a major element and analysis, which should be done by every single firm in order to know that how other firms and companies, are working. Competitive analysis is another kind of measure with the help of which any firm or company can measure or analyze that which firm is working by using various strategies, which firm is working efficiently and which firm is very smart and is working well in order to generate better outcomes.
Many firms do use various kinds of strategies as well as methods with the help of which they can analyze as well as can measure that how to make their own firm more strong. With the help of competitive analysis, firms can work even more better, can apply more strategies, can work better by using various methods and in the end the firm can generate well oriented outcomes.
Competitive analysis on the other hand is no doubt termed as one of the risky task, which should be handled with care in order to generate well-oriented outcomes. There are many other strategies which most of the firms do use in order to compete with other firms. Therefore, all the best strategies should be used in order to generate well-oriented outcomes. Analysis as mentioned earlier is an important task and every kind of analysis should be therefore done in order to generate well-oriented outcomes and to make your own firm the best one. (Richard, pg 96, 1981)
Alfred Richard Oxenfeldt, (1981), Competitive analysis, Presidents Association, page 96.