Know what business you are in
No matter what business sector you operate in, there is always competition, an alternative product or service to deny you of that sale. Therefore knowing what business you are in and who your target market is, is fundamental.
With the advent of the internet and advancement of technology, if you stand still in business there is no long term protection or advantage even offering niche product and services. These can be copied by your competition and new entrants who can move swiftly into the marketplace and often undercut you on price. So how do you stay ahead and not get caught up in that whole, survival and pricing dilemma?
One way to stay ahead of the competition is to fully understand what business you are in. By that I mean understand not just what you sell but why your customer buys. Take a look at your business product and services from the customer’s value and from their perspective.
To discover more on how to effectively understand what business you are in click here to read the full article.
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