Unit 3: Chapter 15

Businesses can conduct research into their competitors to have a better chance of success. If a business has information on its competitors, it can be easier to identify methods to gain the upper hand. Knowledge of the competition’s strengths and weaknesses allows for a business to address its own strengths and weaknesses. A business that is different from the competition is more likely to stand out. Any knowledge of the competition can be beneficial, even things that are considered public knowledge. Looking at a competitor’s prices, customer service, and popularity are simple pieces of information to acquire, and can be very informative on the competition. 

A business should strive to have a unique factor that it’s known for. Anything that your business has that your competitors don’t have gives customers a concrete reason to chose your business instead. While anything unique can make your business stand out, things that give customers a more pleasant experience will be more likely to bring in business. A smart way for a business to stand out is to sell a related product or service in addition to your main product or service. For example, a gas station could sell car washes alongside gas, making customers choose that gas station when they need a car wash.

Business and competition are rapidly changing, with businesses opening and closing left and right. It is important for a business to keep up to date with all of their competitors, as well as the latest innovations in their product or service. It can also be very beneficial to anticipate future competition. Just because your business is doing well at the moment doesn’t mean it is going to stay that way. Constant analysis of your business and your competitors allows you to stay on top of current trends, and keep the upper hand.

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