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Competition: Some Questions Organizations Must Ask!
Tue 03,2022

The markets from historical times have always borne the fruits of competition! In earlier times, the competitions between the organizations were not the same as it is now. In those days localized competition was existent in terms of the product or services that were available compared to the broad bandwidth that exists today!

It is wise to think about the different modes of transportation that were used in those times when the speed of transportation has been made faster by manifold times today. For instance, during early times before automobiles came into the picture, the animal-driven carriage was the main mode of transport so the turnaround time for receiving or delivery of goods was something under question. This turnaround time (TAT) plays a vital role in modern-day business or enterprise, the entire system, and speed transition post automobile, thereafter with the advent of aviation changed drastically the dynamics of operation!

Again if you look at the market scenario today the advent of the World Wide Web (www) and the use of the Internet have actually changed everything when it comes to the TAT. It is no more a dream to interact with your consumer or with your service provider when you live in India & the product has arrived from Mexico. It’s so easy. This in fact has given a special impetus to the competitiveness that exists between the enterprise & businesses irrespective of their size. This again calls for organizations to be alert & updated in this market. It literally ensures the stability & sustainability of the business. Some valid questions that globalized markets are always posing in front of the businesses who want to survive the change and perform to maintain their brand identity are evident, for instance:

 

• Who won the client’s order last time?

• Are consumers repeating their purchase patterns?

• Are consumers always sticking to the same brand? if yes why?

• Are the competition’s salesperson involved as a decision-making guide for the consumer?  Their weakness & strengths.

• Does the competition initiate obligatory service to get loyalty?

• Does competition push to limits to get an order?

• Does the consumer’s first purchase ensure future business?

• Does the competition provide any additional service which might be sought by consumers?

 

Alertness and market research of competition is something that ensures that your organization will stay or fade away!!

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