Question

Why is competition an important factor that has to be studied before putting up a business?

Answer 1

Answer:

Competition is important to your business because it enables you to identify your specific and unique traits that are appealing to customers.

It is extremely important for you to know about the positioning, pricing, strengths, and weaknesses of your competitors. 7 important factors to consider when u starting a small business. ( 1) A great idea (2) Funding and budget (3) Analysis of competitors (4)An effective business plan (5) Legal documentation (6)Positive attitude (7) know when you need help.

Answer 2

Competition is essential to your market, because it helps you to recognize the common and distinctive features that appeal to consumers. It is highly critical that you are conscious of your rivals' role, cost, strengths and weaknesses.

Explanation:

• It is incredibly critical if you are conscious of your rivals' positions, pricing, strengths and weaknesses.
• 7 Critical considerations to take into consideration before beginning a small company. (1) A great idea, (2) Funding and budget, (3) Analysis of competitors, (4)An effective business plan, (5) Legal documentation, (6)Positive attitude, and (7) know when you need help
• Competition is essential to your market, because it helps you to recognize the common and distinctive features that appeal to consumers.

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