In any business competitor analysis is a most crucial element of any company’s marketing and R&D strategy to stay ahead in competition. The field of competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Competitor analysis has two primary activities, 1) obtaining information about important competitors, and 2) using that information to predict competitor behavior.
Competitor analysis using patent data is an effective way to benchmark their IP position against the rival competitors. It also helps to understand the emerging R&D technologies and the dynamics of market landscape. Additionally, litigation risk and opportunities are also monitored to minimize competitive threats.
