Description of competition

1. BUSINESS PLAN
COMPETITION

2. WHAT IS COMPETITION?

3. Investors describe competition as any
service or product that a client can utilize
to meet the same need(s) as the company
does. Companies that offer identical items,
substitute products, and other consumer
options (such as doing the service or
producing the product themselves) fall into
this category.

4. Competition is essential in
business because it keeps
companies on their toes. It
motivates them to create cutting-
edge goods and services that are
tailored to their clients, giving
them a competitive advantage in
the market.

5. Should a small business include
competition in their business
plan?

6. It is critical that
you understand
competitors so that
you may
differentiate your
products or
services and,
ideally, outperform
them. You must
identify which are
direct competitors
and which are
indirect
competitors in
order to use this
information in your
company strategy.

7. How to gain a
Competitive Edge over
your Competitors?

8. Your competitive advantage is
the combination of marketing
elements that sets your business
apart. It's about the unique
benefit customers get when they
do business with you.

9. Review the Market and
Competition
Analyze and comprehend
your clients and
competition. This will
demonstrate why you're
making sales (the drivers of
your business) and why
you're not (the barriers to
your business).

10. Focus on the benefits and Determine your
Difference
When customers buy a product or service,
they're actually buying the benefits they
expect to get from it.
Remember, its about the customers!!

11. Innovate and Change
One way to stand out from your
competitors is to innovate. Focus
on solving problems, even
problems your customers are not
yet aware of

12. THANK YOU!