My project is to establish a Lifelabs branch with Canadian standards in Ghana. For this project, conduct a competitor analysis by following the below information. Simply answer the questions in the document and delete the instructions and questions.

Once one key competitor and do research on a similar solution the competitor is already implementing. You can find this information on company websites, third-party review sites, social media, and within industry news coverage.

Market

First, define the market landscape. A thorough market analysis confirms customer needs, industry changes, and fiscal opportunities. Acting on your competitive research requires a deeper understanding of where you fit within the broader market you share with them. Questions to answer:

• Who is their ideal customer?
• What is the size of the market of ideal customers?
• How has this market changed in recent years and where is it headed?

Vision

Identify the competitor's vision where they are headed and what they aim to achieve in the market. Most companies offer this information in some form on their website. When reviewing, assess how they present themselves to both customers and prospects. Questions to answer:

• Why does the product exist?
• Which problems do they aim to solve?
• Are there any problems that these products do not seem to solve?

Positioning

Assess where your competitors see themselves within the shared market. The best place to find this information is in your competitors' marketing messages anything on their own websites as well as external sites such as social media networks or industry news outlets. Questions to answer:

• How do your competitors market their products?
• What language do they use to describe what they offer in the market?
• Which core problems do they believe they solve?

Personas

Learn who your competitors' products are built for. While researching competitors and using their products, try to envision their user personas the profile of their ideal customer. And revisit customer reviews to look for patterns. Questions to answer:

• What are the job titles of competitors' typical customers?
• What industry do target customers work in?
• What are their target customer's skills and interests?
• How do their personas differ from yours?

Differentiators

Determine what distinguishes each competitor's product from yours and the rest on the market. When doing your research, focus on the factors that are most important to your customers, such as customer service, integrations, and price. Questions to answer:

• What are the product's key benefits?
• Is the look and feel of this product superior to mine and others on the market?
• Is the price lower or higher than the rest of the competition?
• Does the product work better than the rest?
• Does the company offer superior customer service?

Strengths

Aim to understand what drives your competitors to do what they do and where their products stand out. Take your competitors' product tours or even sign up for a free trial to understand all aspects of their offerings. Also look up the companies' founders on LinkedIn many products are built out of deep, personal passion. Questions to answer:

• What does the competition excel at?
• What do they do better than you?
• What unique insight and experience do the company's founders offer?

Weaknesses

You can also spot weaknesses in product tours or while experimenting in a free trial. You can gain the customer perspective by searching relevant online forums for reviews and insights on these products. Quora, Product Hunt, and LinkedIn are three potential platforms that offer unbiased opinions on what customers and prospects think. Questions to answer:

• What do competitors' users struggle with?
• Which aspects of these products are lacking?
• What customer needs are these products failing to meet?

Document your findings