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Competitive Analysis

There is always a temptation to play down the importance of the competition. Perhaps you feel that their products are not as good, their range is not up to yours, you have a higher quality, etc. Unfortunately, in the fast-paced world of the 21st century all of those issues and more can be copied very quickly and they can be competing with you, with the same product, in the same market, very quickly.

If we follow the Pareto rule 80% of the competition is in 20% of the competitors and their products. But these competitors will change over time as they too look at their activities in the market and change their approach to how they go about getting business.

It will be necessary to monitor these competitors and to upgrade and downgrade the competitors based on their current approaches to the market place and their customers. Many of your competitors will use pricing to have an immediate and sometimes dramatic effect on the market place, but it will be necessary for you to maintain a consistent approach to the market, in order to achieve continuing success.