how to beat competition in business
TRANSCRIPT
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You are in the business of running a fast food chain. McDonald’s and Pizza hut are threatening your business . Discuss one major step you would take by environmental analysis.
ABHIRAJ P GEORGES2 MBA
ROLL NO. 02
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ENVIRONMENTAL ANALYSIS
• Environmental analysis is relatively qualitative and involves the identification of and analysis of environmental variables, which affect the business.
• Some frameworks of environmental analysis have received large amounts of attention in the world of business management literature, such as SWOT analysis and PESTEL analysis.
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HOW TO BEAT THREAT
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Identify the Weaknesses of Your Competitors.
• Determine the strengths and weaknesses of your competitor through an exhaustive and critical examination of his literature, his products and services.
• The most effective way to evaluate a competitive service is to pose as a customer.
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• You can also talk with the customers and suppliers of your competitor.
• Fish out important information such as defects in and dissatisfactions with what your competitor sells or makes.
• Once you know where your competitor is vulnerable, you can concentrate on the superior features that you have to offer
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Determine Your Vulnerable Spots.
• A careful examination of your competitor’s product and methods can help you determine your own soft spots — those points at which you are vulnerable. Knowing your weak points will force you to seek out ways to improve them or compensate for them.
• Understanding your weaknesses can point the way toward what will be unique about your business, and help you target what will benefit your customer.
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Know What Makes Your Customers Buy.
• Frequently, a customer fails to buy because a business neglects to mention the one consideration that weighs heavily with her or him. It is not always easy to figure out what the factor is.
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Learn from the Mistakes of Others.
• Every businessperson should learn from his or her mistakes, but you can also learn from the mistakes your competitor makes.
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Be on a Lookout for Good Ideas.
• Good ideas are everywhere, if you know where to look. If it is true that you can learn from a competitor’s mistakes, it is equally true that you can cash in on a rival’s successes.
• This does not mean you should be blindly imitative. It does mean that you ought to be alert to ideas that can stimulate your own thinking.
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THANK YOU