A parasite analysis, also known as a competitive analysis, is a process used to identify and analyze the strengths and weaknesses of a business’s competitors. It is a comprehensive evaluation of the competition's products, services, pricing strategies, distribution networks, promotional activities, and other areas of their business. The goal of a parasite analysis is to gain an understanding of the competition and to gain a competitive advantage over them.
The first step in completing a parasite analysis is to identify the competitors in the market. This can be done by researching the market and identifying the competitors that are selling similar products and services. Once the competitors have been identified, their products, services, pricing strategies, distribution networks, promotional activities, and other areas of their business should be analyzed.
Next, the strengths and weaknesses of the competitors should be identified. This can be done by examining the products and services they offer, their pricing strategies, their distribution networks, and their promotional activities. It is important to note any advantages or disadvantages that the competitors may have over other competitors.
Once the strengths and weaknesses of the competitors have been identified, it is important to compare these strengths and weaknesses to those of the business. This comparison can be used to identify any areas where the business can gain a competitive advantage. For example, if the competitors have a better pricing structure or faster delivery times, the business can use this information to develop a better pricing strategy or faster delivery times.
Finally, it is important to take action based on the results of the parasite analysis. This can include changing the business’s pricing strategy, distribution network, or promotional activities. It is important to remember that the results of a parasite analysis should be used to gain a competitive advantage, not to simply copy the competition. Taking action based on the results of the analysis can help the business stay ahead of the competition.