NEWARK, U.K. -- The competitor matrix, often referred to a as the competitor SWOT (strengths, weakness, opportunities, and threats) chart is a marketer’s most important first step in creating a competitive market research analysis. The SWOT matrix consists of following elements: definition of the industry involved, list of competitors, end desires and expectations of your prospective customers, success factors that might be available now or in future, and approximate success factors of your competitors.

New business competitors enter the market every day, particularly in the world of online global start-ups. Big or small, new competitors must not be taken lightly, and carefully watched and monitored. Therefore, competitive marketing research is an ongoing necessity for any business wishing to succeed in this technological age of consumerism. Local and international market research, competitive profiling and business research is critical. Make it a point to refresh any competitive local and international market research at least quarterly.