June 6, 2020

Internet

WHO ARE YOUR COMPETITORS?

All businesses have to face competition. Every one where your customer can spend his money instead of you is your competitor. Competition is not just another business offering a substitute, and it may be a similar product that takes your money away from you, making it redundant. Today, with the increased use of internet marketing, you do not only have to compete with your immediate neighbor but also with businesses from other countries.

Types of Competitors

There are three main types of Competitors:

Direct

Indirect,

Alternative competitors.

Direct Competitors:

A direct competitor is another firm that offers the same solutions to meet the needs of your customers as your business does. Direct competitors meet the most visible competitive pressures that most companies endure, even though they are only one.

Indirectly Competitors:

Indirect competition is a battle between dealers whose products or services are not the same but who can still meet the needs of consumers. This term is in stark contrast to direct competition, in which companies are selling products or services that are mostly the same.

Alternative competitors:

An alternative competitor is another company offering a product or service that users can use instead of adding your product or service. See our mini site on Amazon

WHO ARE YOUR SUPPLIERS?

A supplier is a business or a person who provides products or services to another person or business. It is like an intermediary between the manufacturer and retailer. The supplier purchases high-quality products at a good price from the manufacture and provides a retailer for resale.