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
- Relevant and timely information about competitors in a relatively short time
- Improve business responsiveness
- Better knowledge of potential threats
