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Competitive activity is a key determinant of ultimate success in any industry. Competitors consist of people and hard (non- human) resources. The interaction of these two things will determine the likely actions of the firm in the future.
Experience suggests that competitive analysis is usually done quite informally by organizations on an continuous basis and and often only for a couple of the main competitors. It is usually only a few groups who are involved (and not necessarily those that should be) It is also not updated as frequently as it should. The lesson is to make sure that this is done at least roughly, regularly and by the right people. The 80/20 rule should be applied constantly and iteration is the key.