For example, businessman Ivanov decided to singapore business email list open a bakery store. He rented a suitable location with high traffic, found suppliers with competitive prices and prepared to open. But he did not study the market, competitors and their prices. As a result, prices for his products were several times higher than those of other stores nearby. And as you might guess, instead of profit, Ivanov received only losses. Today, for a business to be successful, it is not enough to be a good manager, you need to know what is happening around your company.
Just as the state needs to participate in foreign policy, so any business should be interested in the world around it. Using competitor analysis, you can obtain complete information to build a competent business development strategy. Even more often, companies have been existing on the market for a long time and are faced with certain problems - a drop in demand for products, customer departure, and declining profits. Most likely, the problem is that while focusing on operational tasks, the company lost sight of the actions of competitors.