You must know who your competitors are.
You must know who your competitors are. Prepare an overview of your competitors, their strengths and weaknesses. Position each competitor?s product against your products. Understand the customer needs and preferences that are you competing to meet.
When you consider your competitors, determine what are the similarities and differences between their products and yours. You must also consider how their prices compare to yours and how well they are doing. You must have a specific plan to compete. For example, you can offer better quality services, lower prices, more support, or easier access to services. You must address the following basic issues:
? Define your target market.
? Determine the size of the target market.
? Drill down to your specific segment within the target market.
? Define the size and the revenue opportunity that your segment represents.
? Determine how fast the overall market and your specific segment are growing.
? Learn what factors are most important to your customers such as price, technology, ease of use, or new uses.
? You must know the most important characteristics in your industry.
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