Business

Business Tips & Info


Your Competition


Analyze the market and accurate all information about your competition. The clearer you are at outset about the competition you'll face, the better your business will be and the greater your chances of success will be. Doing your own research is good way to start.

You need to find out a lot of information about your competition and their product or service, as well as how much competitors charge for the products or service you plan to put on the market.

Like any other business tactic, competition research requires planning and good strategy to be effective. If you plan to hire agency to do the job it is mandatory to know answer to basic question: what do you get for your money?


Remember, you are trying to win over the customer, to show them what you have to offer, so play to win!

Try to answer to these questions:

1. How big, how old, how strong they are?

2. What percentage of the market do they have?

3. What makes their product or service different from others?

4. Do they concentrate on quality or volume?

5. Are their prices perceived as low, medium or high?

6. Do they offer discounts? What kinds? How often?

7. Is their product or service known by name?

8. What kind of promotion do they use? Free samples? Giveaways?

9. How do they distribute their service or product?

10. Where are they located and is location important to their success?

11. Are they targeting specific customers?

12. What's good or bad about their product or service?


Related Links:

Businesss Guide

The Business Fundamentals

Getting a Financial Picture

Your Customers

Other Professionals

Market Research

Create Ads That Sell

Your Products or Service


Getting a Financial Picture

If you want run successful business you should have real financial picture of a business. Accurate, up-to date records are very important for every aspects of your business. It's certainly not fun, but without accurate records, you simply cannot run a successful business. It is much easier to deal with various tax departments of government or with your banker if your records are complete and comprehensible. Learn more...



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Did You Know?

Marketing a new product or service is very challenging, because billions of dollars are spent regularly developing and launching new products and services all over the world.

Market failure is the most common reason for a product or service to fail. The other common failures are: financial failure (when product or service doesn't make any or enough money, cost of production and implementation of the service have not been sufficiently thought out in the specification stage, waste of time, etc.); organizational failure (poor management, miscommunication, lost productivity, failure to innovate, poor or bad collaboration, etc.) technical failure (when it doesn't work properly, wrong concept, poor implementation etc.) and political failure (when the source of failure is action by the government). Find out more...