26. Competition: Keep Your Friends Close and Your Enemies Closer

Competitive research is an important part of your marketing plan. You need to understand the strategies of your most direct competitors, as well as those of your indirect competitors. As you develop this section of your marketing plan, you should become aware of three types of competitors:

1. Direct competitors who sell the same products or services that you do

2. Indirect competitors

These are companies that do not compete head-to-head with your firm, but nonetheless compete against your business because they offer a similar product or service. For example, a mid-size consulting firm that provides a specialized type of consulting may compete with a large multinational firm that ...

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