COMPETITION

sunandaC

New member
Competition is a way of life. Nations compete for the consumer in the global marketplace, as do individual business owners.

Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena.

Because of this volatility and competitiveness, it is important to know your competitors.

Questions like these can help :

1. Who are your five nearest direct competitors?
2. Who are your indirect competitors?
3. How are their businesses: Steady? Increasing? Decreasing?
4. What have you learned from their operations? From their advertising?
5. What are their strengths and weaknesses?
6. How does their product or service differ from yours?
 
Top