The Step-6 is to conduct your brand’s Competitive Analysis.
I personally believe, Competition is Healthy! If there is no competition, then it’s monopoly. When it’s monopoly, we dictate. And when we dictate, we go against nature and natural human behaviour.
Competition makes us think innovatively. It opens up our senses to do better than the other and it teaches us to provide value to our customers at an affordable price.
Competitor Analysis provides us the knowhow of strengths and weaknesses that our competitors hold and allows us to identity various opportunities and threats in the marketplace.