Assessing industry competition

The trouble with the rat race is that even if you win you are still a rat.

Lily Tomlin

Face it. You are not alone. There are others who offer the same, or very similar, products or services as you.

They are your competition. Pay them due respect. Then outwit them.

But, first, think about the issues that apply to all of you, to you and to your competitors. These are the issues of industry competition.

This is the other aspect of understanding the market. The first was the demand side, covered in the last section. This is the supply side. Market demand and industry competition, demand and supply, together compose the market in which your firm operates.

You need to understand both sides of the market in your strategy ...

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