Competitors Help

When it comes to recognising the potential competition, a new enterprise is likely to research:

•the number and relative size of competitors

•the range of products offered by competitors

•the prices charged by competitors

•whether any competitors are offering products that are the same as, or similar to, theirs. This information will help the new enterprise to find a gap in the market where it can offer its product, perhaps with a USP. Understanding the degree of competition is important when assessing the feasibility of an enterprise (how likely it is to be successful).