4 answers
5
Updated 655 views

What can you do to enhance or/and transform the competition into a valuable resource for your Business?

Many view competition as an obstacle. I believe it can be valuable to have a compromised partnership that will decrease net loss for both businesses.

career business spring25
Answer This
5

4 answers

0
Updated
Share a link to this answer
Share a link to this answer

Michael’s Answer

Strong partnerships thrive on a few key things:
1) having common goals, like growth,
2) knowing each other's strengths and weaknesses, and
3) finding ways to create win-win situations by using each other's strengths.

When working with competitors, sometimes called coopetition, it's important to be very honest in the strengths each company brings to the table. For example, one company might be great at sales & distribution, while the other excels with a specific product. Together, both can achieve more growth.
0
0
Updated
Share a link to this answer
Share a link to this answer

Bob’s Answer

A strong competitor is an asset. You will learn how they define and differentiate their customer base, how they model their products and services to reach that base, how their products fit within the hierarchy of customer demands, their fundamental pricing formulas. their support and service capabilities, their distribution networks as well as other attributes of the business. This will all impact how you position yourself to compete with them.
At the same time, you want your method of competition to offer significant protected (Patents, Trade Secrets) value to the customer; to offer unique and powerful ways to achieve a superior position in the competitive framework.
In terms of collaboration, you may wish to investigate how your products and service would fit within the customer needs as serviced by your business as well as competitor's business. Your product and service may work well in conjunction with your competitor's array of products and services. Will your product connect to or somehow enhance the array of products ( a system) and services your competitor offers? Can you replace the competitor's product and/or service for that segment of the array your competitor offers?
Finally, are you considering making your product's and service so valuable to a customer, versus your competitor, to have your competitor purchase your company?
0
0
Updated
Share a link to this answer
Share a link to this answer

Eric’s Answer

Hi there! That's a fantastic question. Share whitepapers and build strong alliances. Work on teaming strategies to create healthy competition and open dialogue. Keep those great questions coming!
0
0
Updated
Share a link to this answer
Share a link to this answer

Jack’s Answer

Hi Shakira, I think that looking at your competitors' strategies and activity in the marketplace can help your business be better as well. The biggest companies are constantly keeping an eye on each other, taking ideas and making them your own can further drive value and keep your business model changing / up to date.
0