How to outcompete your competitors

What are your core competencies? The concept of core competency was developed by Gary Hamel and C. K. Prahalad in 1990 and discussed in their book “Competing for the future”. A core competence is something that your business has or can do strategically well. Understand your competitors’ sales and marketing strategies Talk to their customers to learn of any gaps in the product offering Is the market high service high cost or low service low price. Or a combination of both? Is there room for an outlier? What can you do better? Will you compete on price? On benefits? On convenience? Something else People buy for three reasons: You save them money; you save them time; or you make them feel good. Which can you do better than your competitors?

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