Competitive Strengths And Weaknesses

Secondly, knowing your competitors is vital to be a business, because there could be a new business

Businesses face cut throat competition every day and in order to survive the battle with other competitors.

Businesses are not only faced with competition within the industry they operate in. They also face competition from businesses in other industries.

Over the period of study, the relative strength in the Peripheral South diminished as the Republican Party became more competitive in the Deep South. Over time, one should see both the national and state indexes increase with the state party index lagging behind the national party index. While this is far from definitive, it supports the findings of some scholars who say that the increase in Republican Party competitiveness started at the national level and went to affect the competitiveness of elections to lower level political offices. A major reason that the state score index lags behind the national index is that the state index includes state legislative offices (and not votes as we have for the other offices included in the MPI) which

Competition serves as an effective mean for businesses to identify ways to improve product quality, charge lower price, and to increase efficiency. Business that can offer the highest product quality at the reduced costs will succeed in a

A competitor’s capabilities can be analyzed according to its strengths and weaknesses in various functional areas. The competitor’s strength defines its capabilities (Competitor’s Resources and Capabilities, 2010). One common and useful technique is constructing a competitor array. The steps include:

Competition being one of the major issues that often must be addressed in the business world, it is important for a firm to learn on ways to reduce the impact of the competition. Competition is definitely an important factor in helping a business

As number of firms in the industry keeps increasing, greater competition force firms to earn more market share, innovate substitutes, produce differentiate products and be cost leadership to keep or improve their position in the industry. For example, some of the products of Billabong and Quiksilver are similar, consumer will choose to buy the one with lower price if they have similar function, or buy the one with higher price if the product is different from others. Thus, a firm could run well if it has different products and lower cost compared with rivals.

Looking at your strengths will tell you what advantages you have over other organizations as well as what will attract people to your business. Weaknesses are the things that you can approve on in your business as well as what you can avoid. The next one is the opportunities that you can create with your company and your product. Opportunities can be linked to your strengths because your strengths can create opportunities for your company. The last one is threats and that includes obstacles that your company faces as well as recognizing what your competitors are doing. Using a PEST Analysis can help ensure that you do not overlook external factors such as new government regulations, or technological changes in your

5. Analyzing the competition – You must know your competition as well as you know your own company. Knowing your competitions strengths and weaknesses will put you at an advantage, making you successful, increasing profit, and expanding your customer base.

Convergent thinking is defined as the ability to apply conventional and logical search, recognition, and decision-making strategies to stored information in order to produce an already known answer (Cropley, 2006). Divergent thinking, by contrast, is defined as the ability to produce new approaches and original ideas by forming unexpected combinations from available information and by applying such abilities as semantic flexibility, and fluency of association, ideation, and transformation (Guilford, 1959, as cited in Cropley, 2006, p. 1). Divergent thinking brings forth answers that may never have existed before and are often novel, unusual, or surprising (Cropley, 2006).

Competition is very large in the everyday business industry. One company is trying to beat the next company or top the next company. Competition in the businesses is the normal competition. Individuals must be building and have a strategic plan which needs to be unique and different. In large industries such as drink interesting are rapidly changing for the sake of the market place.

Thornton, Ryckman, and Gold (2011) theorize that high levels of competitiveness or hyper-competitiveness would have a significant influence over achievement striving and impatience and irritability. It was further hypothesized that personal development competitiveness would be correlated with achievement striving but not with impatience or irritability. Hyper-competitiveness was defined as competitiveness with others while personal development competitiveness was correlated with competing with oneself for self-improvement. Three hundred and four participants were administered the Hyper-competitive Attitude Scale, the Personal Development Competitive Attitude Scale, and the Type A Behavior Pattern Inventory. The results of the study indicated that Type A individuals who were hyper-competitive were more likely to demonstrate the irritable and impatient aspects of Type A personality. They were also less likely to demonstrate positive correlations with achievement strings including academic achievement. In contrast, people with high levels of Personal Development Competitiveness were more likely to show high level achievement strings including academic achievements and were less likely to demonstrate impatience or irritability. Thornton, Ryckman, and Gold (2011) argue that this demonstrates that while some aspects of Type A personality and competitiveness have a positive effect on academic achievement and other types of achievement strings- some can be highly detrimental to

Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors ' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.

Most of the businesses operate in competitive markets: businesses have to take on and see of rivals or competitors.ALDI, a