A great answer to this question should include:
1. Demonstrating understanding of the market landscape and key competitors.
2. Identifying the unique selling points and value propositions of your products.
3. Utilizing SWOT analysis to assess strengths, weaknesses, opportunities, and threats.
4. Monitoring market trends and customer feedback to stay informed.
5. Comparing pricing strategies and positioning against competitors.
6. Utilizing market research and data analytics to gather insights.
7. Discussing strategies for differentiation and competitive advantage.
8. Providing examples of successful strategies implemented based on competitive analysis.