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You are practically never alone in the market you want to operate in. There
will always be one or more companies providing a similar service or product
meeting the same demand as yours.
Know your competitors
Know your competitors – even better than they do themselves.
First, identify them, then seek as much information about them as possible.
- How many are they?
- How widespread are they - geographically?
- What are their staffing level?
- What services do they offer?
- What is their price level?
- How is their quality?
- What are their weaknesses, if any?
- What is their image among their customers?
Sources of information
You can get such information in many ways. You can call a rival company and
request brochures, find them on the internet, visit the shop, seek information
at the library, buy their products, interview persons who have bought rival
products, etc.
If there are too many competitors for you to know them individually you must
determine the total number of competitors and try to pinpoint the ones
presenting the biggest threat to your own existence.
Cooperation
Often, it can be worthwhile considering your competitors as your colleagues or
collaborators.
If the market for your service is sufficiently wide or has the potential of
expansion all parties would benefit from cooperation.
If you get an order too
big for you to handle on your own, two competitors/colleagues may come in handy
and help fulfilling the requirement.
- Go to next
business issue: Product Life Span
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Copyright © 2009 Dynamic Business Plan 05-02-2012
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