Some of the techniques that could be used to deal with competitors in the market are:
Identify the competitors: This activity may seem to be easy, but it might be challenging in some instances. The company could focus more of the competitors that are known, and fail to realize that it faces a greater threat from the emerging companies. The emergent companies could be operating on new technologies, which obviously grant it an advantage over the existing companies. It is therefore of the essence for the company owners to identify the companies that are emerging.
Analyze the competitors: After identifying the competitors, the company needs to analyze the general aspect of the companies. The company could employ the SWOT analysis to examine the competitors. It is through the analysis that the company will gather information regarding the strengths, weaknesses, threats, and opportunities of the competitor companies. This information will provide a better platform for the company to identify which strategies to use to beat its competitors.
Gathering important information in regards to the competition:
Some of the information that could be important includes the sales forces, information about suppliers, market research, trade relations as well as the data that is published. These sources could benefit the company in regards to collection of information that relates to competition. In the instance whereby the company has a former competitor employee, the employee could serve as a reliable source of information, since he/she could share some of the strategies that the competitor company uses to make profits (Calkins 2012).
Another source of information could be the websites of the competitor companies. Their sites could provide information about the type of designs that the companies create that seem to attract customers. In most cases, the companies post adverts about the new designs that are available. This knowledge will give the owner of the company with some insights on what he/she needs to improve on in terms of the design and quality of clothes.
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