2016-12-09 00:00:00Marketing a BusinessEnglishLearn the definition of a competitive matrix, and how it helps businesses to improve their products and services and stay competitive.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/10/A_business_owner_showing_his_employees_how_competitive_matrix_works.jpghttps://quickbooks.intuit.com/ca/resources/marketing/small-business-terms-what-is-a-competitive-matrix/Small Business Terms: What Is a Competitive Matrix?

Small Business Terms: What Is a Competitive Matrix?

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A competitive matrix is a market research technique that enables businesses to critically compare their products, services, or position in the market with known competitors. It is created as a table, with the key features and benefits listed as evaluation factors in the left column and the names of the companies to be compared listed across the top. A numerical ranking is assigned for each company in each factor, creating an instant analysis of the strengths and weaknesses of each company in the various factors. For a deeper analysis, each factor can be assigned a weighting based on its importance as a competitive feature or benefit.

The purpose of a competitive matrix is to gauge a company’s competitiveness at any given time. The analysis helps management identify strengths and weaknesses, along with opportunities to improve the company’s products or services for greater differentiation.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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