The Importance of Competitive Analysis. Competitive Strategies

Abstract

Competitive analysis is a fundamental aspect of strategic planning in the financial-banking sector. Understanding competitors, their objectives, strategies, strengths, and weaknesses enables financial institutions to position themselves effectively in the market. This paper examines the significance of competitive analysis and the various competitive strategies financial institutions employ. The study highlights the importance of monitoring competitors, estimating market parameters, and implementing SWOT analysis for informed decision-making. Furthermore, it explores different competitive strategies, including those for market leaders, challengers, followers, spec