Topic > The Best Defense is a Good Offense - 1062

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 market just as individual small business owners do. An advance in the world of technology by a rival can send a successful company's profits into a state of panic, causing them to plummet overnight or in a matter of days. Taking these and other factors into account, it can be concluded that business is an extremely competitive and volatile industry. Because of this unpredictability and competitiveness, it is important to know the competitors within a business market. To better evaluate the competition, a company must recognize the difference between markets. It must identify both direct and indirect competition, both present and future. Once you have grouped your competitors, the next logical step would be to analyze their marketing strategies and identify their areas of vulnerability by examining their strengths and weaknesses. (Deloitte & Touche, 2003) This will help the company determine and distinguish its competitive advantage. The reasoning behind this step is to be clear who the target market is, what the market position is and to know exactly what will make the company unique to stand out from the competition. In the case of Kudler Fine Foods, Kathy did not consider her business to have direct competitors, which in itself is a mistake of considerable proportions.