I hope this will simplify the formula for the different analysis types so that you can choose and customize your technique for whichever domain/objectives you want to achieve.
This builds up on Michael Lai's answer so please refer to it first.
There are two angles/approaches for a competitor analysis, the first is exploratory and the second is comparative.
There are two similar techniques/methods that often get mentioned in the same conversation, and they have both been adapted from different disciplines and used by UX researchers to gather information about the users and the problem to be solved.
A - Competitive/Competitor analysis
As the name suggests, it is about doing research on 'competitors', or ...
UX is not a process, there isn't a manual. Sometimes you need to understand the business needs, other times you need to discover the user needs.
Do not repeat the tactics which have gained you one victory, but let your methods be regulated by the infinite variety of circumstances.
-- Sun Tzu
But if you want some framework, you must read Jaime's book UX ...
I agree that there is no one set process that one can use every time. However, I do think that there are a couple of broad universal principles that could be applied regardless of the type of challenge presented. Those are based on the Design Thinking process. For example, some of the core ones would be:
Know your user.
Start with a problem.
Identify the ...
You have to choose methods that are most appropriate for the business requirements (i.e. products and services), technology and the users (number of users, access to them, demographics, etc.).
While there is no method that is one-size-fits all, generally it is considered best to use a combination of qualitative and quantitative methods to find out both the ...
When you mention a solid product, I imagine you mean that you'd like to create a product that can satisfy the essential user needs, that are already being fulfilled by the competition.
Number of competitors
I think you should have enough competitors in your analysis to be able to form groups so that you can not only understand the characteristics of each ...