Competition management is the process of analyzing and evaluating the competitors and their strategic moves to gain competitive advantage over them with a motive of acquiring larger market share, customers, vendors, product/service improvement, launching new value added products/services, etc. In other words we can say that it is a process of formation and implementation of strategies by analyzing the competitors and their strategic moves to nullify the competition and to become the market leader.
Change your strategy gradually:
In today’s fast moving world we wants results in a shorter period of time, if we don’t get the desired results we suddenly switch on to other strategy in seek of better results. But later we don’t get the expected results from this strategy as well. What’s the reason behind this? The reason is inconsistency, yes this is true. If you want desired results and better output from any of the strategies you should give it some time. After that if then it is not working then you have to analyze it and find out the reasons behind its failure. Then only you have to switch to another strategy. Simply we can say that we should analyze our existing strategies first before moving on another one.
Competition is not always Bad:
Competition is not always bad for the organization. Sometime it brings something valuable for the organization and its growth such as availability of cheaper and superior quality of raw material or products, large number of customers, improvements over products and services, challenging working environment, cost economies, innovative products, right value for money to the customers, etc. Therefore, we can say that competition is neither a coincidence nor a bad luck.
Spy on your Competitor:
As it is clear from the word “spy” that you have to secretly monitor and obtain the knowledge about your competitor, their strategies and other confidential information’s about their future plans and moves by observing them, analyzing their social media platforms, their websites, and in all other possible ways. By doing this you can create a competitive advantage over your competitor and the market or industry in which you operate.
Be Unpredictable:
You should be unpredictable by your competitors in your business. As you are keeping close eye on them, they are also closely monitoring you, your strategic moves and plans and all the other things that can help them to abolish the competition from the market and gain the competitive advantage. Therefore you should not disclose your strategies, plans and other confidential information with others.
These are few points which may help you in competitive management and in analyzing your competitors to gain some advantage over them and to become market leader.
