When there are products in a market with more advanced technology or at a lower price that can replace ours, our profitability can be affected.
To stay one step ahead, it is necessary to pay attention to the latest developments in the sector and the influence they can have on the organization.
Rivalry between competitors
This item is the result of the four previous ones and is the one that provides us with the necessary information to establish positioning strategies in the market. Rivalry between competitors can increase if they are well positioned or have fixed costs.
The more companies with similar products or services there are in a market, the less the pie each one gets, the less competitive a company can be.
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We need to make an estimate of the number of customers we bangladesh number data have and how easy it would be to attract more without lowering quality. We also need to analyze the level of satisfaction of our customers and if they are not satisfied, how easy it would be for them to switch to the competition.
Let's ask ourselves, how many suppliers do we need? Would it be necessary or feasible to change them? These two unknowns will give us clues about how much power suppliers have over us.
Let's list how difficult it is to enter the industry in which we operate and what our differentiating factor is with respect to the competition.
We need to pay attention to the trends in our industry and whether they pose a threat to our business.
By knowing our competition, their characteristics, market share and strategies, we can know how much power they have.