competition
DESCRIPTION
Competition: Learn to understand about competition & how to avoid this.TRANSCRIPT
Competitor – By Jay Sunder Pandey
Get The Fact
Objective
• To understand about competition & how to avoid this.
What is competition ?
Definition
• In market economy, competition is a process
whereby firms fight against each other for
securing consumers for their products
• "the effort of two or more parties acting independently to secure the business of a third party by offering the most favourable terms.“
Who are our competitors ?
• Why should anybody buy our product?
• What is our area of excellence
• Why from us?
• Ex Mobile
Forms of Market Competition
Models of
Competition
Number of
buyers
Number of
sellers
Nature of
products
Barriers to
entry and
exit
Perfect
competitionVery large Very large
Identical
productsNone
Monopoly Very large OneSingle
productVery large
Monopolistic
competitionVery large Large
Minimum
differencesNone
Oligopoly Very large Very fewLarge
differencesLarge
Analyze our self over our competitor
• Are we number one ?
• How we can improve our ranking?
• Are price higher or lower?
• ?
• ?
How to avoid competitions?Our products
• Better quality/longer-lasting
• Easier to use
• Safer to use
• More efficient
• More compact
• Waterproof
• More retro
• Rarer
• More modern
• Design that is more
• More beautiful/quirky/etc packaging
• More daring
• Approved by a respected organisation
• Fresher/tastier/healthier/more organic
Our service• Better customer service
• More favourable opening hours
• Faster delivery
• Offer online ordering where competitors don't
• Your website is more efficient/reliable/quicker/simpler
• Offer freebies that competitors don't
• The gender or age of employees
• Employees' expertise or demeanour
• Employees wear uniform
Our business
• No frills deals
• Wider range of products
• Better payment options
• Better located
• More pleasant premises
• Having an outdoors
• Being charitable
Summery
• What is competition?
• How we can analyze?
• How we can avoid?
