You can decompose "конкурентноспособный" to "способный конкурировать" and this is the exact meaning: "able to compete".
"конкурентный" is adjective derived from "конкуренция", it is more abstract and covers all related things.
"конкурентный" and "конкурентноспособный" are not interchangeable in many cases:
"Он конкурентный" = wrong! Right way is "Он конкурентноспособный" (He is able to compete). I do not know exact rule, maybe subject of "конкурентный" cannot be animate object, but I am not sure...
but
"Он имеет конкурентноспособное преимущество" = wrong! Right way is "Он имеет конкурентное преимущество" (He has competitive advantage). It's logical because advantage cannot be "able to". It's not right category of object.
Product can be "able to", so "Этот продукт конкурентноспособен" is ok.

Also:
"конкурентный анализ" = "analysis of competitiveness"
while
"конкурентноспособный анализ" = "analysis able to compete (with another analyses)". you should say "анализ конкурентноспособности" to revert to the meaning above.