Identifying, understanding, and analyzing your competition are important for strategy development and the long-term viability of your value-added business. This can lead to identifying ways of positioning yourself in the marketplace to effectively compete.
If you are just starting a value-added business, you might want to Conduct a Competitive Analysis to see if there is room for your business. For value-added businesses involved in retailing, you may be Competing with Chains.
For more information on this topic, see the links listed below of articles posted on related Web sites.
- Understanding Your Competition – Bplans.com -- Do you know who competes with you for your customers’ time and money?
- Porter’s Five Forces – Bplans.com -- Understanding the dynamics of competitors within an industry is critical for several reasons. Find out what they are.
- Your Competitors – CCH Business Owners Toolkit -- The information age has increased the need for businesses to be thoroughly familiar with their competitors.
- What Your Competition is Telling You – HBS Working Knowledge -- Your competitors, closely analyzed, can help you influence your own customers and help grow the market for your products and services. Here’s how.
Revised March, 2019.