Question

Think of the business that u have set up and how would u go about gathering information about your competitor and how would this be beneficial to your business?? Discuss

Answer 1

Let us assume that we are starting business of Daily products such as milk, chesse, etc, First of all we need to take franchisee of milk producing company so that we can secure our requirements from that company only
We need to select such are where footfalls are high, such as gardens , railway station, bus station etc, People are likly to dring chocolate milk or eat ice cream while waiting for bus or train.
Knowing your competition is very important, one can get information about competition by market survey, Like how many people prefer milk or ice cream of certain brand, Second step is to know at what price the are selling their product. This infomation is easy to get from internet or by visiting their store. After knowing their pricing structure we can develope our own pricing model that can attract certain price sensitive customers
Thus Knowing strength and weakness of competition can be advantageous for the business