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How to Analyse the Competition

Step 4

All busineses have some form of competition whether it be from direct or indirect sources. Businesses might find that they face competition from similar products, from substitute producrs, or simply competition for the amount of dollars that the consumer has to spend.

Analyse and isolate major business opportunities and threats.

Next evaluate the needs of the market, the competitors' offerings to the market, the major promotional selling points of competitors and the relative success of these appeals.

The above should be compared against the firm itself... has it positioned itself with a strong long term Competitive advantage?


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