Who is the competition?
You
have many challenges as a small business owner. There are customers to woo,
bills to pay, upgrades to make and wares to sell.
So it’s easy to understand why your competition might
take a backseat to those pressing concerns. If there’s one thing I’ve learned
through my years working for businesses ranging from tiny to global, it’s that
underestimating companies in your vertical is a foolish mistake to make.
I suppose I should be giving you a friendly, kumbaya
message about how small businesses should work together, but that’s simply not
realistic all the time. Sometimes, you must crush the competition in order to
thrive. In fact, sometimes you need to
Direct competition
A
term that describes a company that produces a virtually identical good or
service that is offered for sale within the same market as those produced by
one or more other companies. In addition to watching their relative pricing for
similar products, a business operator will keep track of any significant
technological innovations at any direct competitor that might put them at a
competitive disadvantage.
Indirect competition
Indirect
competitor is another company that offers the same products and services, much
like direct competitors; however, the same end goals are different. These
competitors are seeking to grow revenue with a different strategy.
Nearly
every company is involved with some form of indirect competition. General
contractors face indirect competition from do-it-yourself promoters, such as
The Home Depot. Both of these strategies are aimed at satisfying the customer's
needs and desires utilizing a different marketing mix. By outlining all the
potential ways the customer's needs can be met and using the marketing mix to
handle the competition you can generate an advantage for your products and
services
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