The Best Defense Is a Good Offense
Running head: THE BEST DEFENSE IS A GOOD OFFENSE
The Best Defense is a Good Offense
The Best Defense is a Good Offense
Competition could be described as one of the most common driving forces among living organisms. Animals compete for territory, mates, food, and hierarchy within species. People compete for promotions, jobs, scholarships, in sports and in almost every aspect of their daily lives. Countries compete for the consumer in the world marketplace as do individual small business owners. Progress in the technology world by a rival can send profits of a successful business into a state of panic causing them to plunge overnight or within a few days. When taking into account these and other factors, it can be concluded that business is an extremely competitive, volatile field. Because of this unpredictability and competitiveness, it is important to know the competitors within a business market.
In order to better assess the competition a business must recognize the difference between markets. It must identify both direct and indirect competition, both present and future. Once competitors are grouped then analyzing their marketing strategies and identifying their areas of vulnerability by examining their strengths and weaknesses would the next logical step. (Deloitte & Touche, 2003) This will help the business determine and distinguish its competitive advantage. The reasoning behind this step is to have clear who the target market is, what the market position is, and knowing exactly what will make the business unique to stand apart from competitors.
In the case of Kudler Fine Foods, Kathy did not consider her business to have direct competitors, which in itself is a mistake of major proportions. “No matter what you may think, you have competitors. Maybe not a direct competitor in the sense of a company offering an identical solution but at least a substitute. Fingers are a substitute for a spoon. First class mail is a substitute for e-mail. A coronary
The Best Defense is a Good Offense
The Best Defense is a Good Offense
Competition could be described as one of the most common driving forces among living organisms. Animals compete for territory, mates, food, and hierarchy within species. People compete for promotions, jobs, scholarships, in sports and in almost every aspect of their daily lives. Countries compete for the consumer in the world marketplace as do individual small business owners. Progress in the technology world by a rival can send profits of a successful business into a state of panic causing them to plunge overnight or within a few days. When taking into account these and other factors, it can be concluded that business is an extremely competitive, volatile field. Because of this unpredictability and competitiveness, it is important to know the competitors within a business market.
In order to better assess the competition a business must recognize the difference between markets. It must identify both direct and indirect competition, both present and future. Once competitors are grouped then analyzing their marketing strategies and identifying their areas of vulnerability by examining their strengths and weaknesses would the next logical step. (Deloitte & Touche, 2003) This will help the business determine and distinguish its competitive advantage. The reasoning behind this step is to have clear who the target market is, what the market position is, and knowing exactly what will make the business unique to stand apart from competitors.
In the case of Kudler Fine Foods, Kathy did not consider her business to have direct competitors, which in itself is a mistake of major proportions. “No matter what you may think, you have competitors. Maybe not a direct competitor in the sense of a company offering an identical solution but at least a substitute. Fingers are a substitute for a spoon. First class mail is a substitute for e-mail. A coronary
References: Deloitte, & Touche, (2003). Writing an Effective Business Plan. Manuscript submitted for publication. Retrieved November 30, 2008, from http://www.deloitte.com/dtt/cda/doc/content/DI_writing%20business%20plan.pdf Hirai, A. (2002). Why Business Plans Don’t Get Funded. About.com Entrepreneurs, 1. Retrieved from http://entrepreneurs.about.com/cs/businessplan/a/uc073103.htm Kim, W., & Mauborgne, R. (2002, June). Charting Your Company 's Future. (cover story). Harvard Business Review, 80(6), 76-82. Retrieved November 29, 2008, from Business Source Complete database. Kirk, K. (n.d.). Customer Service In Today’s Business Environment [Online exclusive]. CSM. Retrieved November 30, 2008, from http://www.customerservicemanager.com/customer-service-in-todays-business-environment.htm