How do you identify competitors Describe three groups of com

How do you identify competitors? Describe three groups of competitors and give an example of each group.

Solution

the firms which are producing similar products/services to our products and which are alternatives to the consumers are called competitiors to us. in this process we should consider the size of the organisation also. if we are small producers and producing only one product, but there is some other firm which is in different activities but prodcing a product like our product, he is a completitior to us.

the different groups of competitiors are;

direct competitiors, indirect competitiors, perceived competitiors and partner competitiors.

direct competitiors are producing similar types of products with same features and attributes. example is sellers of petrolium and gas products.

indirect competitiors are those who can produce a different kind of products or service to a specific need. for example the mobile phones. they are competitors for even cameras and even watches also.

perceieved competitiors are those who focuses on your company rather than customer requirement. if you launch a product in market, the very next moment they will produce a similar product irrespective its success in market.