Business competitors are:
- Other organizations offering the same product or service now
- Other organizations offering similar products or services now
- Other organizations offering a variation on a product or service, that you cannot
- which could be because 3rd party vendors make accessory items, or “apps” for you, or your competition
- which could be because you did not update your software to follow trends
- Organizations that could offer the same or similar products or services in the future
- Organizations that could remove the need for a product or service we sell
- If the Competitive Environment is intense, it means you have a lot of companies carrying out strategies such as
- Copying your product and knocking off your designs,
- Selling below your price,
- Using some of your advertising themes and concepts
- Paying better wages to employees,
- Sell a slightly different product that can be substituted for your’s,
Therefore it will be necessary to
- Utilize every resource in the technological environment,
- Attend to all the language and gender and age considerations of the social/cultural environment
- Carefully analyze trends in the economic environment
- Monitor political movements and upcoming changes in the regulatory environment
- Prepare contingencies for threats from weather extremes and the geographic environment,