Competition strategies 12 trends contains

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COMPETITION STRATEGIES 12 trends contains interpreting the problem and analysis goals, creating an analysis strategy, introducing the strategy, applying the strategy (collecting and examining data), and interpretation and confirming the results. This is the area of promotion where organizations begin to view science as well as art. This section concentrates in details on how to analysis an industry, how to know the competitors, and how to make use of that knowledge to improve the company. Company intelligence is a wider concept than information warehousing since it is an extremely important component of the overall company marketing strategy. Applying information marts and information facilities improve the decision-making abilities. However, to experience the goals set forth within the opportunity of the corporate, competitive technique, information must be collected from sources and a comprehensive business intellect system be considered. Whatever commodities any business has to provide in the market, probabilities are it is going to get competitors. Rather than neglecting the competitors, the best way to reduce competitors is to take a practical approach and create a competitive strategy. A competitive strategy is one that logically analyzes the benefits and drawbacks of commodities and compares them to those of its competitors. Marketing techniques for the item or solutions are then identified accordingly, in a means that capitalizes on one organization's benefits over the competitors and reduces its faults. Measurement of competition to determine their benefits and drawbacks is something that an organization can do internally through pre-existing workers, or can assign to a research company along with other elements of the competitive strategy. The other effective strategy that a business can employ is provision of exceptional customer service. The forces of competition often work against a firm, by making the business to lose it customers to other competitive firms. However, the loss of customers to other firms can be minimized by creating exceptional customer service to the customers. In this regard, this type of
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COMPETITION STRATEGIES 13 customer service will ensure that the business remains effective in addressing the needs of the customers, thus it will be able to retain the customers of the business. Customer retention is a critical aspect of the business, especially when dealing with competitive markets. The final, yet important strategy for a firm to be competitive is putting up management controls. It is important for firms to put controls in their costs of production, and operations, as a way of dealing with competition. Putting up effective control mechanisms will allow the business to successfully, go through the tough market seasons, with high competitiveness in the market. Through the control mechanisms, the firms can put aside reserves that will enable the business to stand amidst tough competition, and overcome the competition (Roberts & Berger, 2000).
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