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A great answer to this question should include:
1. Research methods used to gather information on competitors.
2. Analysis of key competitors’ strengths, weaknesses, opportunities, and threats (SWOT analysis).
3. Identification of market trends and potential disruptors.
4. Evaluation of market share and positioning of key players.
5. Consideration of regulatory and legal factors impacting competition.
6. Comparison of pricing strategies and value propositions.
7. Assessment of customer preferences and needs.
8. Recommendations for strategic positioning and differentiation in the new market.