Competitive analysis is the strategic process of evaluating your competitors to understand their strengths, weaknesses, opportunities, and threats. It involves examining their products, sales, marketing strategies, and market positioning to gain insights that can inform your own business decisions.
This analysis helps identify differentiators, set benchmarks for success, and get closer to your target audience by understanding what they prefer and dislike about competing brands.
Source: https://blog.hubspot.com/marketing/competitive-analysis-kit