What do you know about your competitor?

Do you know your competition? How well? Remember, the old adage be close to your friends but keep your enemies closer. But my main point to this is, do your homework. Lack of preparation is for amateurs.

Ask your self these questions:

1. Identify your major competition on both a regional and North American basis.
2. Explain each competitor’s product lines, sales channels and market shares.
3. Explain each competitor’s primary strengths and weaknesses.
4. Where and how does your company best compete against each competitor’s strengths and weaknesses?
5. How does each of your competitors compete against you?
6. What are the general perceptions customers have of your major competition?
7. Why do you feel each of your major competition has been successful?
8. Describe the companies that are up and coming and may become serious competition.
9. Specifically, how is your company maintaining or extending its advantage over newer competitors?
10. Rate the amount of marketing dollars they spend and where?

What other questions do you have?

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