What are we talking about? Almost every company has competitors in business, but you shouldn't perceive them negatively, only as a source of problems and reduced profits. In fact, this is a resource that will help your organization develop and advance.
What to pay attention to? Having analyzed its competitors, a business can determine its tactics of struggle and form its position so that it will be stronger than its opponents. Or, for example, using the Blue Ocean strategy, move the business to an environment where there are no competitors.
The article explains:
The essence paytm database of competition in business
Types of competitors in business
Why Conduct Competitive Analysis
Stages of Competitor Analysis
Tools for conducting competitive analysis
Effective methods of fighting competitors
Recommendations to help you beat your competitors in business
Is it possible to have a business without competitors?
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
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The essence of competition in business
From an economic point of view, a market is a place where a certain number of manufacturers and sellers operate. The main task of each of them is to attract their buyer. The larger the range, the more options consumers have to choose a product. For example, when a person wants to buy a smartphone of a certain brand, most often there is a comparison of the price and terms of sale in several stores. So, somewhere the cost will be a little lower, another seller will offer free delivery, a third will charge additional bonuses to the card for the purchase, etc. This phenomenon - rivalry - is called competition.
In 2019, Roscongress conducted a study of our market for competition. Of the 1,300 businessmen surveyed, 51% believe that the country's competitive confrontation is in an intensive phase, i.e., something needs to be done constantly to attract customers. In 2020, the Federal Antimonopoly Service published a report: the Russian market is characterized by a large share of state participation, in some industries this figure reaches 83%, which negatively affects the development of small and medium-sized businesses. FAS believes that tenders can radically change the current state of affairs. With their help, small and medium businesses will be able to find potential customers for their products.
The essence of competition in business