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?
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?