What is the purpose of conducting a competitor analysis?

To determine pricing strategy
To develop product features
To identify competitor strengths and weaknesses
To understand market trends

Conducting a competitor analysis allows a company to identify the strengths and weaknesses of its competitors, understand their strategies, and assess their market position. This information helps the company to develop its own strategies, differentiate itself in the market, and gain a competitive edge. Without a thorough understanding of competitors, a company may struggle to succeed in the market.

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