Why monitor competitors? |
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| Knowing our competitors is necessary to: |
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exploit their weakness |
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predict their next moves |
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determine their strengths |
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| It helps to identify the difference between the companies i.e. about good as well as bad points. For e.g. One can know that Company A is having better after-sales service than Company B and that Company C is cheaper etc. |
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Who is a competitor in business? |
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| Competitors in business are: |
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Other organization that offer same service/product now. |
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Other organization that offer similar service/product now. |
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Other organization that could offer same or similar services/product in the future. |
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Other organization that could remove the need for a service/product. |
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