The Power of the Competitive Environment

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,