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Knowledge of Forces of your Competitor
All of us should appear from time to time before competition, or otherwise we risk to suffer failure on a profit considerable quantity. Competition could be the large company abroad or a small-scale business only through street. In any case you should know, who they – before you can really develop long-term strategy for you directly.
Firms who not in condition to take a serious estimation of their competitors, can face problems as time proceeds. For example, if your competitor develops a new product, or improves their servicing, and you not in a condition to pay, they can finish that more values for money of the client have offered. As soon as it happens, it – only a matter of time while other people do not understand it, and you start to lose business.
Business strategy should be based on your force, forces of your competitors and market tendencies. The best way to synthesise this information consists in placing it in Krupnoformatnuju table Excel or similar type of the program which will allow you to make changes and to edit.
The best approach which has faced through experience, should name your columns with following headings: the Name, Forces, Weaknesses, Resources, the Analysis. As you find the information on the competitors, you add it to full krupnoformatnoy to the table.
Forces: Each business has an own specific force. Some have a low price, some have the best servicing, some have a firm image. Think of the forces of competitors and add them in a matrix.
Weaknesses: As forces at each business are weaknesses. These weaknesses include bad parking, high cost of material support of building, replenishment, or something else that limits ability of firms to compete.
Resources: When the companies will be in a crunch, they will often rely on the resources to achieve the objective. These resources could be employees, cheaper sources of materials, bol’shey the company-founder, etc.
The analysis: As soon as you have forces of the competitor, weakness and resources, you can define, where they are going to face problems. This analysis is used to define underlining of problems that you could not earlier thought.
As soon as this krupnoformatnaya the table is full, you can promote in development of your own business plan which includes a concentration on their weaknesses and detection of additional forces in your business. Maintain their weaknesses to involve their clients. You can look also at their forces to define, where you should improve. Your purpose consists in separating itself from competition, offering something unique.