Understanding competition is crucial business activity

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Reference no: EM132201417

Understanding the competition is a crucial business activity for any entrepreneur. Learn from your competition and your customers. By investing even a small amount of time, businesses of any size can develop a framework for making competitive assessments, gather intelligence on business rivals, and understand how to position their own brand, products, and company in the marketplace. Not only can you learn best practices from competitors, but you can also learn to avoid the mistakes they make. Don't be afraid of your competition, but rather use them as a learning tool and assess their business model. Learn your competitors' strengths and weaknesses - imitate their strengths, and use their weaknesses to your advantage. Use companies that specialize in business information, to construct and analyze a competitive landscape of the target market. The business information you learn from your rivals will help you develop the competitive edge you need to surpass them in your industry. Intimate customer knowledge is equally important as competitor knowledge. Gaining in-depth insights about your customer portfolio will allow you to maximize revenue potential, increase customer retention, and boost prospective customers. You can use a mix of many tools and methods to measure consumer insight and both your position in the market and the positions of your competitors.

Question: How do you see conducting competitive research as being a potential business benefit?

Reference no: EM132201417

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