Define competitive analysis and competitive strategies. Why are they necessary in tourism marketing? Give suitable example. 

Competitive analysis and competitive strategies are essential components of any business plan. Competitive analysis involves identifying and evaluating the strengths and weaknesses of current and potential competitors, while competitive strategies are the actions a company takes to gain a competitive advantage in the marketplace. In this essay, we will delve into the definitions, importance, and examples of competitive analysis and competitive strategies.

Competitive Analysis

Competitive analysis involves gathering and analyzing information about the company's competitors, including their strengths and weaknesses, strategies, products and services, pricing, marketing and sales techniques, and customer base. This information helps businesses to identify potential threats and opportunities, determine market trends, and assess their competitive position in the industry.

There are different methods of conducting a competitive analysis, including SWOT analysis, Porter's Five Forces analysis, and benchmarking. A SWOT analysis involves identifying the company's strengths, weaknesses, opportunities, and threats. Porter's Five Forces analysis assesses the intensity of competition in the industry based on the bargaining power of suppliers, buyers, competitors, new entrants, and substitutes. Benchmarking involves comparing the company's performance and processes to industry leaders or best practices.

The importance of competitive analysis lies in the fact that it provides a company with valuable insights into the market, customers, and competition. It helps a company to:

1. Identify areas for improvement: Competitive analysis helps businesses to identify gaps in their products, services, or operations that competitors are exploiting. By identifying these areas, a company can develop strategies to improve its offering and gain a competitive ______ ______ ______ ____ _______ ___ ___ _________.
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