What are the steps involved in dealing with market competition?

It is tough to deal with market competition as it is dynamically changing and include lots of changes that need to be incorporated if a company has to survive. The steps involved in this are as follows:

- Evaluate the competition and the competitors.
- List down the competitors that are in the same business profile as your business.
- List down the solutions that are being provided by them and not by you.
- Rate the business according to the list which you have prepared and find out the direct competitors on the basis of efficiency, product leadership and customer dealings.
- Stake your business position in market and identify the area where you can grow and put down the opponent.
- Determine the weak areas of the business done by the competitors and find the opportunity to meet the requirements before other competitors.
- Define the value proposition for the business.