For most of my career, I learned to read those pressures by instinct, deal by deal, loss by loss.
Then I realized Michael Porter had already given us a disciplined way to see them in advance. His five forces model, first published in 1979, is still one of the most practical strategy tools ever created, not because it is sophisticated, but because it forces you to look beyond the competitors you can name and examine the entire structure of the market you fight in.