Analysing the competition

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An introduction to the need for small businesses to analyse their competition

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Analysing the competition

  1. 1. Analysing the Competition
  2. 2. A business does not operate alone Every business faces competition for its customers and markets
  3. 3. Worrying about competitors <ul><li>Will they copy the good business idea? </li></ul><ul><li>Will they reduce prices and grab some precious customers? </li></ul><ul><li>What new products are they planning and how will customers react? </li></ul>
  4. 4. Good reasons to track the competition <ul><li>Identify ways to create an advantage </li></ul><ul><li>Find out about, and respond to, competitor actions </li></ul><ul><li>See if competitors are investing in new and better products </li></ul><ul><li>Spot changes in the ways that customers buy or their needs </li></ul>
  5. 5. Competitor intelligence – good to know <ul><li>Overall sales and profits, by product and market </li></ul><ul><li>Business costs (usually an estimate) </li></ul><ul><li>Management and key employees </li></ul><ul><li>Methods of promotion and distribution </li></ul><ul><li>Key customers and suppliers </li></ul><ul><li>Product quality and reputation </li></ul><ul><li>Future plans </li></ul>
  6. 6. Does competition benefit customers?
  7. 7. Main benefits of competition <ul><li>Greater choice for consumers </li></ul><ul><li>Prices are kept to a sensible level as competitors compete on price to achieve sales </li></ul><ul><li>Strong incentive for businesses to invest in new products through innovation and invention </li></ul><ul><li>Successful businesses are those that deliver high product quality and excellent customer service </li></ul>
  8. 8. Downsides of competition <ul><li>Businesses can become too focused on short-term success rather than investing for the long-term </li></ul><ul><li>Cutting business costs to remain competitive might mean a business taking short-cuts on health & safety and product quality </li></ul><ul><li>A business might neglect its social obligations - e.g. not taking care of waste disposal or complying with environmental regulations) or behave unethically (e.g. pressurised selling techniques) </li></ul>
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