Many projects are analyses of history or snapshots of the competition at a specific point in time. Neither of these approaches are bad; they are necessarily, but not sufficient. You should NOT be focused on a rival’s past or even its present. You need to constantly predict the competitor’s future actions. If you obtain information about its product’s real capabilities or pricing, you can revise your product development plans to counter its benefits. But wait, what is your rival doing? Improving its product or service, of course. So betting your future on a rival’s present means that you are constantly behind. You can probably respond faster to your rival’s pricing, but again, you could be behind your competitor.
Use your competitors’ past only to establish patterns which can predict future behavior. Use information about your competitors’ present strategy and capabilities if you can respond quickly. But every project should include predictions about future competitor moves that could impact your organization. Be prepared.