5. COMPETITION ANALYSIS

​In order to compete successfully in any business you need to know your competitors. It is useful to study how and why they achieve success. Also you need to be aware of their failures to avoid committing the same errors.

 

  • Who are your most important competitors?
  • What are their main strengths and weaknesses?
  • How can you be different?
  • How can your product or service be more competitive?
  • What are your competitors’ pricing policies? How do these affect your sales strategies?
  • Can you list your main competitors and their estimated market share?