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Competition - A key element
for growth .
For survival & growth of any
organization, decision
makers should look at the 2
C's - Customer & Competitor
!
I need not explain
importance of the first C -
Customers, but let's look at
the often misunderstood role
of the second C- Competitor.
Expands the market for
your products/services:
It may sound strange but
competitors influence the
customers and help grow the
market for your products and
services. Presence of a
competitor can also
influence customers in ways
that help you win more
sales, and do it more
efficiently, over time.
Competitors help (& force)
you to identify new
applications & industry
sectors you may never have
thought of.
Provide a basis for
comparison:
Competitor forces you to
be more efficient & creative
in seeking differentiation.
Availability of an
alternative helps purchase
decision, & company whose
unique mix of product & (or)
service features is
competitive can win sales
often enough to succeed in
the market.
Help identify right
market sector:
Let them lead while you
learn. When you identify new
offerings or markets where
your assessment suggests
caution, a competitor may do
you the favor of entering
into market first. The case
for letting a competitor
move first into a new market
can be stronger, when you
are up against a very strong
competitor. If you are a
dominant player, you too can
gain from competitors.
So welcome competition in
its truest sense.
Be
extremely cautious if you
have no competitors!
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