(Inc.com) — Understanding the competition is a crucial business activity for any entrepreneur or business executive. Some companies hire professionals to track competitors and assess the competitive landscape on a regular basis. But it doesn’t always have to be a complicated, time-consuming, and expensive process — particularly given the new wealth of data that can be assembled using the Internet. By investing even a small amount of time, businesses of any size can develop a framework for making competitive assessments, gather intelligence on business rivals, and understand how to position their own brand, products, and company in the marketplace. Not only can you learn best practices from competitors, but you can also learn to avoid the mistakes they make.
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