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.