Question
Competitor analysis is one of the major components of strategy formulation.
Answer :
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Competitor analysis plays a crucial role in strategy formulation as it enables organizations to understand the external environment and identify opportunities and threats posed by rival firms. By systematically studying competitors’ strengths, weaknesses, market positions, and strategic moves, a company can develop strategies that enhance its competitive advantage and ensure long-term sustainability. In strategic management, competitor analysis involves identifying current and potential competitors, assessing their objectives, strategies, and resources, and
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