Key questions
- Who is your biggest competitor (in terms of financial size)?
- Who is the biggest brand name of all your competitors?
- Who will be your closest rival (in terms of closeness to your target market, service offering etc.)?
- Which competitor do you most admire?
The answer may be the same for some or all of these questions.
What will these companies do when you enter their marketplace? Will they react at all? Will they compete with you on their price, their quality or their brand name? Will they cut prices to try to drive you out of business? What would you do if you were them?
Spend some time thinking about and answering these questions.
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