Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects simply to a non-technical, business audience. Over…
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.
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:
Techopedia’s editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Margaret is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages.
What Is Predictive Analytics? Predictive analytics is where an organization uses mathematical or computational models or algorithms to predict future...
Tim KearyTechnology Specialist
What Does Feature Engineering Mean?Feature engineering is the process of assigning attribute-value pairs to a dataset that's stored as a...
Margaret RouseTechnology Expert
What Does Bag of Words Mean?Bag of Words (BoW) is a natural language processing (NLP) strategy for converting a text...
Trending NewsLatest GuidesReviewsTerm of the Day