Consider an approach such as benchmarking and other aspects as used in the strategic competitive analysis.

Student’s Name
Professor’s Name
Course
Date
Strategic Competitive Analysis and Benchmarking
Introduction
Any business manager that looks forward to standing in the current business world should be ready to do an analysis of the business competitors in the business industry. It is common knowledge to many business managers that competitive review is not an option but a compulsory, which a manager desires to remain relevant and profitable in the business world. The managers have to do a competitive analysis of their strategy for their businesses with policies of their competitor. It calls for the manager to have competitive information systems that collect, store and process data managers will use in doing a competitive analysis in data strategies. For them to collect the data to use in the competitive information system they have to do benchmarking. The managers have to benchmark their business with the industries best. Benchmarking is a continuous process that takes place throughout the life of the market. It helps the company to realize the weaknesses and strengths of their strategies with comparison with the industries best. Besides, it will enable them to achieve opportunities they can maximize to stay ahead of their competitor. The managers will use the data collected to do a competitive analysis of their business strategies (“Benchmarking and Competitor Analysis Dorchester: Edwards and Keeping”).
The idea of gaining a competitive advantage brings a need of doing a competitive analysis of the business with its competitors in the industry.

The process of doing a competitive analysis will depend on information that the firm has put in place. Knowledge becomes a crucial resource when doing competitive analysis. Therefore, the business needs to keep the information system intact because they affect the performance of the business. After doing competitive report using the information system, the managers will come up with various competitive analyses such as cost leadership, differentiation and focus strategy. Cost leadership entails the business offering the cheapest products or services in the industry while differentiation involves contributing a given product in the sector uniquely. Focus strategy means the business puts its attention upon a given segment in the industry and tailors its approach to meet the needs of the customers in that segment (“Porter, Information Systems and Competitive Advantage”). The business needs smart, competitive information systems that will process the data to give managers information as feedback to make the strategies. The managers will use these strategies to maximize the opportunities and counter threats in the business industry. The implemented strategies will place the business ahead of its competitors in the industry (“CIS: Competitive Information System (with Diagram)”)
After coming up with various business strategies and implementing them, the managers have to evaluate their performance in the business industry in comparison with those of the competitors. They will have benchmarked these strategies with industry’s best. Benchmarking is the process of comparing the operations and performance of a business with its competitors mainly the industry’s best. It entails checking what gives the industry’s best competitive advantage over the business in the industry (“Understanding the Purpose and Use of Benchmarking”). Benchmarking helps the managers realize the best strategy that they can implement to be ahead of their competitors. It also motivates them and enables them to come up tailor-made strategies that will improve customers’ satisfaction. The business will be able to realize which strategies are expensive and avoid implementing them thus minimizing the cost (“Benchmarking TQM”). To do benchmarking the business first has to identify the entity in the business and the reason for benchmarking. After that, it will identify the drivers of the benchmarking entity. It will then measure the drivers of the benchmarking entity. Finally, the business will choose whom to benchmark with (“Competitive Benchmarking 101”).
Benchmarking can be easily noted when you want to measure the performance of a website with other websites. You can identify the performance of a site by measuring the experience of the websites’ users. When benchmarking the website, you compare its main performance indicators with those of other websites. The benchmarking process will help you identify the primary strategy that will enable your site to sell and to user-friendly (“Competitive UX Benchmarking I UserZoom”).
Conclusion
The current business world remains, and the competition will continue to increase. The managers have to make smart strategies to stay ahead of the game. Therefore, managers have to put place intelligent information systems to collect and process data to use in decision-making. The business has to benchmark its strategies with its competitors to measures the performance of its policy. Afterwards, the company will correct any variance realized during benchmarking.
Works Cited
“Benchmarking and Competitor Analysis Dorchester: Edwards & Keeping.” Accountants in Dorchester: Edwards & Keeping, www.edwardsandkeeping.co.uk/resources/your-business/developing-your-business/sales-and-marketing/benchmarking-and-competitor-analysis.
“Benchmarking TQM.” Share and Discover Knowledge on LinkedIn SlideShare, 14 Jan. 2014, www.slideshare.net/amarjeetgorai/benchmarking-tqm.
“Competitive Benchmarking 101.” YouTube, 24 Apr. 2013, www.youtube.com/watch?v=UoN5jA7nJ74.
“Competitive UX Benchmarking | UserZoom.” YouTube, 2 Dec. 2014, www.youtube.com/watch?v=9rsdBhOjkbI.
“CIS: Competitive Information System (with Diagram).” Your Article Library, 28 Nov. 2014, www.yourarticlelibrary.com/marketing/cis-competitive-information-system-with-diagram/43524/.
“Porter, Information Systems and Competitive Advantage.” Chris-Kimble.Com for Books, Papers and Courses from Chris Kimble, www.chris-kimble.com/Courses/World_Med_MBA/Competitive_Advantage.html.
“Understanding the Purpose and Use of Benchmarking.” ISixSigma: Six Sigma Resources for Six Sigma Quality, www.isixsigma.com/methodology/benchmarking/understanding-purpose-and-use-benchmarking/.