Understanding Business Failures: A Comprehensive Guide to Competitive Analysis and Customer Loyalty
Classified in Economy
Written at on English with a size of 4.48 KB.
Why Do Businesses Fail?
Businesses fail for various reasons, including:
- Creating products that customers do not want
- Running out of financial resources
- Failing to investigate their competitors
Competitive Analysis
1. Identifying Competitors
Direct Competitors: Products or services that are similar substitutes for yours and operate in the same geographic area.
Indirect Competitors: Products or services that are not the same but could satisfy the same need or solve the same problem.
2. Assessing Competitors' Strategies, Objectives, Strengths, Weaknesses, and Reaction Patterns
Benchmarking: Measuring the performance of a company's products or processes against industry leaders.
Business Analysis:
- Product line, quality, pricing, discounts
Sales Analysis:
- Sales