What are the steps involved in dealing with market competition?

you have to always keep an eye on the competitor, study the market and their effect on it, try to keep yourself unique by always focusing on smith that your competitor don't have

you have to always keep an eye on the competitor, study the market and their effect on it, try to keep yourself unique by always focusing on smith that your competitor don't have. Be up-to-date, don’t imitate and don't use the rumors to drag down your competitor. You can redo your strategic plan if your company is losing and can't keep the competition 

Respect and caution at the same time