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YashTop Contributor
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Asked a question last year

What are the steps involved in dealing with market competition?

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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.