Analyzing the Competition Lesson 16. Who is the Competition? Important for retailers to know who their competition is and to understand as much as possible.

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Presentation transcript:

Analyzing the Competition Lesson 16

Who is the Competition? Important for retailers to know who their competition is and to understand as much as possible about them – Drive around, phone book, search online

Direct and Indirect Competition Direct Competition: – A business that offers the same products as another and competes for the same customers Jeans and shirt business one mile apart Indirect Competition: – A business that offers products that are not the same, but that are similar enough to satisfy the same customer need Barbeque restaurant and a pizza place

Analyzing Strengths and Weaknesses Visiting competing stores – Products, pricing, appearance Great price but poor customer service

How Competition Affects Your Business Can help attract additional customers – Market Share: The percentage that a store has of the total sales in a area

Competition and Location Must assess both the direct and indirect competition in an area when choosing a location

Pricing and the Competition Pricing to meet competitors – Products are priced the same Increase sales – Price products lower than competition Added value – Price products above competition Other factors – Quality, Size, Customer Service

Competitive Advantage Advantage that a business can offer over a competitor's business – Customer service, selection, etc. Must be perceived as a value that they cannot get elsewhere

Developing a Competitive Strategy A combination of all things competition is needed to be the best business in the area