What do you understand by Competitive analysis? Explain various strategic options of analyzing competition in the travel trade

A competitive analysis is a strategy where you identify major competitors and research their products, sales, and marketing strategies. By doing this, you can create solid business strategies that improve upon your competitor's.

A competitive analysis helps you learn the ins and outs of how your competition works. It also helps you identify what they're doing right and opportunities where you can easily one-up them by using a strategy they haven't taken advantage of.here are three basic approaches suggested from which an organisation can decide which one to choose. These three approaches are: i) Legal approach ii) Cooperation with competitors iii) Competition with competitorsLegal Approach An organisation can move to the court of law to protect its market on the ground that the competitor's action was illegal. There are a number of examples from the manufacturing sector that one can cite. For exar-3le when 'Nirmaboy', a lookalike of 'Lifebuoy' was introduced with the same colour scheme on the wraper, same looks and small, similar legend and lower price, the Hindustan Lever Ltd. (HLL) got a legal notice served to Nirma charging the company with infringement on Lifebuoy's trademark. Obviously, HLL has no choice but to beat the competitors taking a legal approach as the stakes for HLL were very high for their largest selling soap in the world. Nirma was compelled to change the brand name to 'Nirmabath' and also change the colour scheme of the wraper. Similar is the story about Promise tooth-paste versus Colgate toothpaste. Even in travel and tourism industry similar situations arise and an organisation can take the help of legislations covering the development of monopolies and prohibitions of certain type of price diicrirqination of "Unfair" competition. For example, if an "Approved" hotel exercises undercutting, and it is proved to the Department of TouriCooperation with Competitors No company is in existance to face defeat or failure or closure. It is therefore observed that at times even the rivals decide to live in harmony and cooperate with each ____ ____ ___ ___ _______ ________ ________ ____ ___.
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