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Understanding Your Business Competition Competitive Analysis Business takes place in a highly competitive, volatile environment, so it is important to understand the competition. Questions like these can help: Who are your five nearest direct competitors? Who are your indirect competitors? Is their business growing, steady, or declining? What can you learn from their operations or from their advertising? What are their strengths and weaknesses? How does their product or service differ from yours? Start a file on each of your competitors including advertising, promotional materials, and pricing strategies. Review these files periodically, determining how often they advertise, sponsor promotions, and offer sales. Study the copy used in the advertising and promotional materials, and their sales strategies. Tomorrow: More on competitor analysis. See you here. Suzie Posted: Tuesday 1st March 2005, 12:34 AM

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