Why is there a need to monitor and understand competitors?

Question

Quizplus · Accepted Answer

Monitoring and understanding competitors is essential for a business to ensure that they are meeting their customers' needs and keeping up with industry standards. Failing to do so can result in customers turning to competitors who better meet their needs, leading to a loss of business. Therefore, understanding the competition can help a business stay relevant and competitive in the market. While matching prices and creating similar products may be a part of monitoring competitors, the primary reason is to ensure customer satisfaction and retention.

Why Is There a Need to Monitor and Understand Competitors