ALERT

[LAST CHANCE] Data Layer: Modern Business, Defined

Competitive Monitoring

Definition - What does Competitive Monitoring mean?

Competitive monitoring is a marketing and strategy management process wherein all avenues of the business landscape are monitored and evaluated.

The most prominent of these avenues are the business competitors and their various activities such as events, product developments, product launches, and product prices. Knowing what the competition will do next puts the business in the position of being able to plan how to counter it or how to do better than the competition.

Competitive monitoring is also known as competitive analysis.

Techopedia explains Competitive Monitoring

The main goal of competitive monitoring is to place the business above the competition.

Traditional methods of analysis and action such as SWOT are no longer enough. For example, the SWOT analysis principle puts an organization in a defensive position, making it try to cover its weaknesses and threats and maintaining its strengths rather than actively seeking opportunities and improving on strengths. But that method can be modified to suit the organization’s needs.

Competitive monitoring is the process of monitoring all of the competition’s moves, especially market and product prices. With this, a business can change their prices along with the market and the competition in order to retain or gain new customers. Holding on to prices for a long time means that competitors could already have lowered theirs, attracting some of the business’ customers.

Competitive monitoring provides:
  • Relevant and timely information about competitors in a relatively short time
  • Improve business responsiveness
  • Better knowledge of potential threats

Techopedia Deals

Connect with us

Techopedia on Linkedin
Techopedia on Linkedin
Tweat cdn.techopedia.com
"Techopedia" on Twitter


'@Techopedia'
Sign up for Techopedia's Free Newsletter!

Email Newsletter

Join thousands of others with our weekly newsletter

Resources
The 4th Era of IT Infrastructure: Superconverged Systems
The 4th Era of IT Infrastructure: Superconverged Systems:
Learn the benefits and limitations of the 3 generations of IT infrastructure – siloed, converged and hyperconverged – and discover how the 4th...
Approaches and Benefits of Network Virtualization
Approaches and Benefits of Network Virtualization:
Businesses today aspire to achieve a software-defined datacenter (SDDC) to enhance business agility and reduce operational complexity. However, the...
Free E-Book: Public Cloud Guide
Free E-Book: Public Cloud Guide:
This white paper is for leaders of Operations, Engineering, or Infrastructure teams who are creating or executing an IT roadmap.
Free Tool: Virtual Health Monitor
Free Tool: Virtual Health Monitor:
Virtual Health Monitor is a free virtualization monitoring and reporting tool for VMware, Hyper-V, RHEV, and XenServer environments.
Free 30 Day Trial – Turbonomic
Free 30 Day Trial – Turbonomic:
Turbonomic delivers an autonomic platform where virtual and cloud environments self-manage in real-time to assure application performance.