Understanding and Dealing with Business Competition

Do you want to learn how to combat competition in your industry or, if you think you have no competitors, discover strategies to build a conducive competitive environment? Look no further! This course will first teach you the importance of business competition. Discover how to identify direct and indirect competitors and differentiate between them. You will learn that you compete with more than just your direct competitors. This course will teach you the important concept of ‘wallet share’ and how to use it to your advantage. Next, you will understand how to keep up to date with every step your competitors make through a term referred to as the ‘competitive binder’. You will also be privy to sample competitive binders compiled by the course's instructor.

A ‘competitive positioning matrix’ is an essential part of a business plan. Create your competitive positioning matrix by first identifying your brand's strengths and how to pair them and express them in the context of the X and Y-axis of the matrix. Then choose the competitors you will include and plot them so your business stands out. You will learn how to give customers a reason to buy from you, inform your positioning and drive your business strategy by creating your unique competitive advantage. The course will teach you practical analysis of the unique competitive advantages of well-known brands like Nordstrom, Amazon, IKEA and Apple. Furthermore, you will learn how to build a resilient unique competitive advantage by following a four-step process. Next, you’ll investigate how to avoid unusual competitive advantage mistakes. Finally, we present a workshop that will prepare you to articulate your unique competitive advantage for your business plan.

This 'Understanding and Dealing with Business Competition' course will greatly interest entrepreneurs and anyone desiring to establish a business in any particular market. If you are an entrepreneur and you want to learn how to crush your competitors and become the leader in your industry, then you are on the right track! Click the start button and enrol to start learning today.