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This is the most fundamental for you to know even before starting a business that who could be your possible customers and the competitors. Lacking of this information shall lead you to the total failure of the business process. Without detailed knowledge about your customers and competitors you can never know the exact market DEMAND and SUPPLY and your position in the market to capture any share of it. You cannot even analyze SWAT, the STRENGTHS, WEAKNESSES, OPPORTUNITIES and THREATS of either organization in the business process. You cannot even compare your abilities with your competitors. You cannot PLANOUT even an inch ahead to move without their information. It will be a blind move with entire failure if having no knowledge about the both. WHAT do you need to know about them is another topic.
TO KNOW YOUR COUSOMER NEEDS AND GET IDEA ABOUT YOUR CUSTOMER
For retention and sustaining competitive advantage
to know what exactly he need to be able to do whatever he need to save him and get his loyalty
To know and meet market needs.
Here’s the problem: Most of us don’t really know what our differentiators are because we haven’t researched our competitors. It’s hard to do well, but it’s critical if you want to dominate and win.
Knowing your competition well helps you:
Understand specifically what your competitive advantages are
Understand the specifics of the marketplace where you hold that advantage
Target your efforts on that marketplace, which should increase your return on your marketing investment and increase your sales yield
Avoid becoming a commodity
Get clarity on who your competitors really are
Design your communications plan to maximize your advantages
In business ethics, it is must to know your customer and competitors to
1. Quality improvisation and Standards
2. Business growth rate
3. For better price
4. Great customer service
5. Recognition
the key of success in the future of the busness
To identfy the targets, objectives.. and actions plans
ones we know our customer then we know what they like and also what is their demand and required .
ones we know our competitirs then we can know thier their strengths , weakness , threats , and opportunities
To know the market I supply to them is moving and know the complaints of the final consumer in order to improve the product.
