HAVE YOU DONE A COMPETITION ANALYSIS

So you've come up with a new invention or innovative business model for your service. Now in the research & development phase you got to educate yourself in your competitive business environment.

• It would be good to complete a 'Competitve Intelligence Analysis' which covers the:

• Industry and specific market you are entering

• Competition & substitute products in your market

• Suitable vendors to align your business with

• Perceived costs and benefits of how your customers perceive your product/service.

Going forward your business needs to find ways to stay innovative, figure out how your

product/service can be differentiated from the competition and define its position in the market. At the same time continuously research ways to raise benefits and reduce costs!

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