Analyzing your competition is one of the most crucial steps in a startup business as well as establishing it to make profits. Analyzing carefully what your competition is doing and finding a loophole that gives you a business opportunity can be done through careful research, crucial observation and good knowledge.
The “Analyzing my competition” questionnaire has been designed according to the model of five competitive forces that identifies the competitive power in a business situation. The five competitive forces identified by Michael Porter are:
1. Threat of substitute products
2. Threat of new entrants
3. Intense rivalry among existing players
4. Bargaining power of suppliers
4. Bargaining power of buyers