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In a competitive marketplace, a small business needs to prepare to defend and grow its market share and look for strategies that will propel their business forward.  Depending upon their current competitive position, there are different strategies available to determine where their companies will stand in relation to their competition.

If you are in a leader position, you can attack and go after more market share by taking a look at your products or services and finding a way to improve what you are offering either by upgrading your product, enhancing your service or adding additional value.  You can also block new products from entering into the marketplace by cutting your price for the short term or offering a two for one sale as your competitor starts to enter into the market.  This move will drive the customers to you and drive your customers to drop their prices in order to compete therefore cutting into their profits. Read the rest of this entry »

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Every business owner should have a complete understanding of the competitive landscape in their market. Competition is defined as any business that provides a similar service or product in the same market, region and industry. A strategic business owner not only knows who his competition is but also understands the best way to position himself ahead of his competition. The following provides a step-by-step process in creating your competitive analysis. Read the rest of this entry »

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