Question

3. How do you gather competitive information? Why do you want to know about competition?

Answer 1

Gathering Competitive Information

As the competition is getting tougher day by day its imperative for an oraganisation to find out all the possible angles of competition to survive in the market.

The Internet had made the availability of information worldwide over the click of a mouse but still doesn't suffice.

Some of the sources of gathering competitive information are below;

Identifying the competitor and constantly follow their website and other social platforms through which they publish their information.

Creating a full profile of each of your identified competiors and their forseeing operations.

Studying about the competitors products & services , their methhods and the customer satisfaction.

Identifying the needs of your own customers and making the necessary changes according to their needs and preferences.

Annual reports of competitors, sales mgazines, trade shows & events, and other public displays.

Physical visit to the premises of the competitor and purchase their product and interact with their customers and obtain their opinions.

Why do you want to know about competition?

To survive in the market, it is critical to have the knowledge of your competitors.

Understanding the competiton helps you to have an edge of your product compared to them.

To identify the change in taste and prefernces of the customers and qucik adaption to the same.

To secure the market share which helps in the growth of your organisation.

To provide more customer satisfaction compared to your competitor.