How to Face the Competition in a Business
Competition is apparent in any kind of business. Whether you are in the manufacturing or the retail side, what you can do is to make your products and services more appealing to your market to become successful.
When you venture on a business, you can’t avoid facing competition especially when you have a common product or service. Having a business means you have the goal of selling products or services regularly in order to earn profit.
Whether you are in a retail or manufacturing industry, competition will always be there as long as you are offering or producing the same kinds of product with other companies. Manufacturers usually compete with the retail stores who will order and stock their products while retailers compete with other stores in getting customers to buy their products or services. But competition is more than knowing who is the winner and who is the loser but instead it is ways to know who owns a larger market share than the others. This will determine who is the most successful in the competition. Knowing how to face the competition in a business is one of the challenging yet most exciting part of earning.
Let us first take the case of competition in manufacturing. These companies compete in wholesale pricing, creating innovations, distribution, marketing, and some other areas. Their main targets are the retailers and supermarkets that have the capacity to order bulks of their products. One retail store of supermarket may get the same products from different manufacturers. Sometimes it depends on the amount of products that they get from each of the manufacturers. But sometimes, some manufacturers simply become exclusive distributors of a client and that can make a big difference in the area of competition. In order to become successful as a manufacturer, you have to make your products more appealing to the customers. You got to have the edge especially in the innovation of your products and at the same time giving the best price. Having the most strategic distribution channels can also be a factor that can make you successful in the manufacturing competition.
Next is competition in sales especially for retailers. Sales determine which among the competitors are more successful. Customers are the key factors that will increase each competitor’s sales which are called individual sales. When a product or service have become a need for a customer to buy then the competitions starts among retailers or businesses who have the same product or even with substitute products. When a customer starts to purchase then that determines who succeeded in that individual sale. Then here comes the next customer and the goal is the same – to get that customer to buy from you.
Adding up all the sales made will determine who the most successful competitor is.
4 Comments
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