Competitor Analysis

2014 Words9 Pages
COMPETITOR ANALYSIS- AN INSIGHT In figuring business system, managers must think about the techniques of the association's rivals. While in exceptionally divided item businesses the moves of any single contender may be less paramount, in focused commercial enterprises competitor analysis turns into an essential part of business planning. In today’s highly competitive business world, it is not enough to merely grow your own business while ignoring the rest of the factors. Competitors are one of the most significant and influential aspect of the business world. It is not illegal to keep an eye over other players as the more knowledge there is available, the more benefits it can provide to a company. The competition does not only include the existing competitors but also the upcoming competition. This means that the new entrants in the market and the new businesses that are about to enter shortly can be equally as tough as the rest of the businesses that are in power in the industry. Similarly, the information regarding new launches by competitors including products, departments or an entire chain, can chart a road forward. The process of analyzing competitors requires the managers to gain relevant information about the competitors. One thing that should be taken into consideration is to recognize the competitors that include direct and indirect competitors. A firm’s position in the market is dependent on the moves made by all types of competitors. Once the information has been acquired, the next step to be taken is to analyze it. Once the competitors have been recognized and information has been gained, understanding the strategies adopted by them and their current as well as future plans is a part of the goal. A deep analysis also requires the managers to assess how the steps taken by the competitors might affect the firm’s activities and how the firm’s

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