What is competitive analysis in SAP SRD-CRM - CRM-Customer Relationship Management?

SAP Term: competitive analysis

• Component: SRD-CRM

• Component Name: CRM-Customer Relationship Management

• Description: An assessment of the strengths and weaknesses of the competitors within a market.

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• Key Concepts: 
  Competitive analysis is a process used in SAP Customer Relationship Management (CRM) to compare the performance of a company’s products and services against those of its competitors. It involves analyzing the strengths and weaknesses of competitors, as well as their strategies, in order to gain a better understanding of the competitive landscape. This information can then be used to inform decisions about product development, pricing, marketing, and other areas.
  
  How to use it: 
  In SAP CRM, competitive analysis can be conducted by using the Sales and Distribution (SD) module. This module allows users to compare their own products and services against those of their competitors in terms of features, pricing, customer service, and other factors. The data collected can then be used to identify areas where the company can improve its offerings or gain a competitive advantage.
  
  Tips & Tricks: 
  When conducting competitive analysis in SAP CRM, it is important to keep track of changes in the competitive landscape. This includes monitoring new products or services that competitors may be introducing, as well as changes in pricing or customer service policies. Additionally, it is important to consider how changes in the market may affect the company’s own products and services.
  
  Related Information: 
  Competitive analysis is just one part of a larger process known as market intelligence. Market intelligence involves gathering data from various sources in order to gain insights into customer needs and preferences, industry trends, and other factors that can help inform business decisions. Additionally, market intelligence can help companies identify potential opportunities for growth or expansion.