Do you think that as women in business we should also engage in conducting competitors analysis; or as some say it is to time consuming and I rather focus on what I am doing. What can be the result of failing to conduct one?
This article proposes that as business owners, we should ask the following questions when conducting a competitive analysis.
- Who are our competitors?
- What threats do they pose?
- What is the profile of our competitors?
- What are the objectives of our competitors?
- What strategies are our competitors pursuing and how successful are these strategies?
- What are the strengths and weaknesses of our competitors?
- How are our competitors likely to respond to any changes to the way we do business?