Selecting a Tool for Competitive Analysis

With a new understanding of what is meant by competitive advantage, it is important to be able to conduct a competitive analysis to assess an organization's market position. In choosing a competitive analysis tool, you may have realized that there are many options. Some tools may be more applicable for certain circumstances, and personal preferences may determine the use of one tool over another.

In this, you will identify a competitive analysis tool and examine aspects of the tool that make it more effective than other tools. You will also suggest any improvements that could be made to increase the effectiveness of the tool.

To prepare for this :

• Identify the competitive analysis tool that you believe to be most effective and consider any additional improvements or modifications you would make to it in order to increase its effectiveness.

Post appraisal of which competitive analysis tool you think would be most useful in analyzing a company in order to create competitive advantage. In your appraisal, do the following:

• Identify the tool that you selected and explain why you selected it.
• Examine the circumstances in which this tool might be more effective than other options.
• Identify improvements or modifications that might be made to the tool selected to improve its effectiveness.
• To support your response, be sure to reference at least one properly cited scholarly source.