Why should I care about my competition?

Why should I care about my competition?

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Do I need to know who my competitors are in my chosen field of business? Why does this matter?

Yes, but it is not just direct competitors that should be taken into consideration. Substitute products should also be considered. For instance, Ster Kinekor is a direct competitor to Nu Metro and can easily think they only have one competitor, but substitute products such as all other forms of entertainment are also competitors. Should they think they only have one competitor, they will overestimate the sales potential.

Dr Frances Wright
Dr Frances Wright is responsible for the overall management of Trinitas Consulting (Pty) Ltd. Frances has a BSc Honours in Industrial Technology, a diploma in operations management & a certificate in production management. Frances completed her MBA at NorthWest University in 2007, where she was honoured as the top Operations student. She was awarded her PhD in Entrepreneurship at North West University and acts as a business mentor and trainer for Business Partners and Enablis. Frances has written many published articles, is an accomplished speaker and also stars in the YouTube channel “The Wright Solution”.