Understand your competitor’s Strengths and Weaknesses ​ Identify your competition Conduct internet searches. Exercise care in your search terms. Search your product, your industry. Use how to searches – A legal firm may search how to find a good lawyer. A ceramic adhesive manufacturer may search how to fix a broken plate Trade Associations are another great source of information Classify into Direct and Indirect competitors. Direct competitors are businesses that offer products or similar services to yours. Indirect provide different products that may meet your potential customer’s needs. Focus on Direct Customers Conduct an analysis of your competitors Strengths and Weaknesses. Strengths could include their market reputation, their employee’s skills, their physical assets etc. Weaknesses might include poor location, inefficient distribution. Less than optimum technology. Rank the competition’s strengths and weaknesses versus what you envision for your company. Be realistic in your assessment.

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