If there’s no market for your business, the company will fail. All too often I see entrepreneurs rush into a decision because they fall in love with an idea.
Your competitors will depend on your target market.
If you’re planning to sell jeans for , you won’t be competing with designer brands selling jeans for 0.
If you have superior quality, there is a market for that as well.
Competitive analysis should be conducted simultaneously with identifying your target audience.