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Post by brianbrewer on Jul 27, 2013 18:02:35 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This article takes into consideration a mistake that many companies make in trying to crush competitors that could actually be helpful to them. The idea of competition is good for a market, it allows companies to compare and contrast business models. It also allows for building of a market that may not otherwise be there with one company's advertising.
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Post by csummers on Jul 27, 2013 19:28:15 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
What I got from the snippet was that even though you want to do better than your competitors, most of the time you want them to do well also. It seems as though the advisor is somewhat right, because you want to be able to pull ideas from their business style. As a business owner, one would also be highly competitive, and would want someone to beat. The better your competition is doing, the better your company looks when it has more profit.
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Post by mparrish on Jul 28, 2013 14:25:15 GMT -6
I cannot agree with this link. There is nothing beneficial to my firm when my competitors do well. The only thing that could be argued is an increase in the total market, but in a mature industry, the market is not increasing anyway. In a lot of cases, it IS a zero sum game, and therefore each firm should be focused on attacking, beating, and domination the competition, not cheering their successes.
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Post by grober86 on Jul 28, 2013 17:35:42 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
The article definitely puts a new twist on things. Learning what your competitors does correct and build on that to beat them in the future. You can improve on their business model and learn from their mistakes. Being flexible in the business world and learning from other isn't always easy but necessary. I believe competition is healthy and important for a business.
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Post by ahrield on Jul 29, 2013 10:47:24 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
With me being in the retail business I understand this article 100% Forever21 is one of the biggest retail companies in the states and my company Charlotte Russe has taken note from them by learning what the customer wants. Since then we have become the number one retail company! Now our competitors are taking notes from us.
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Post by robertnicholson on Jul 29, 2013 11:43:02 GMT -6
I agree that the success of your competitors isn’t necessarily bad for you, especially if you and your competitor are selling similar things. Take Wendy’s and McDonalds for example. If there is a demand in French fries and it is evident that McDonalds is excelling in that market, people will most likely buy French fries from you also. You can also use that as a sales pitch such as “McDonalds sells French fries, while we sell French fries that aren’t as high in calories”. You can convince your investors that by the evidence of success of your competitors, you can succeed also.
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Post by knight2 on Jul 29, 2013 15:56:27 GMT -6
I don't really see how your competitors success can benefit you and your business. I do understand that if they make a model that fits your industry that can benefit you but, I would think that you would want to be the first at everything. But since you can't always be the first it does not hurt to be a little friendly with your competitors. Who knows one day they could become your partners.
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Post by amberw on Jul 30, 2013 10:38:38 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well b
You can always learn from your competitors. This can benefit your business completely. You have to stay positive and take everything as a learning experience to better your company.
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Post by heatherlaurent on Sept 24, 2013 9:43:04 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Without competition, a company will not need to do anything more than be average. Consumers want the best of the best and competition makes this happen. Without competition, consumers have to be happy with mediocre. But consumers shouldn't have to 'settle'. Competition drives research and development, with the "winner take all mentality". This encourages employees, management, and executives to strive to be the best they can be.
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Post by brentgruber on Sept 24, 2013 10:41:41 GMT -6
This article makes a lot of sense if you think about it. If your competitors are doing well in the field that you are in or are trying to enter it can be an advantage for your business. It is easier to have a guideline to follow instead of starting from sctratch. If there is another successful business with similar products or services, you can go off of what works for them. At which point you can put your own spin on things to make your service or product something truley unique and better than what the other business is offering.
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Post by tyancey on Sept 29, 2013 15:31:46 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
I feel like this article has a good beginning idea, however it is just not a good complete thought or idea. I feel that although you should be able to learn from you competitors, you should not have to use them to succeed and implement their ideas within your company. I think that that is the reason they are successful and you are not as successful as they are. The thing that sets a company apart and will keep them going is for them to have unique innovations and ideas, not copy someone else's. At the end of the article it states that you can let the competition succeed until you can beat them. I do not think that even makes sense. If your competition is succeeding and you are just waiting, then you will be the one to fail, not the other way around.
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Post by chrmichall on Sept 30, 2013 14:20:48 GMT -6
Instant MBA:You Benefit When Your Competitors Do Well
This link is about using competition as motivation. Most people don't want everything handed to them, they like a cchallenge. When your competitors prove to be a success and your company out does them then you will be the best in your field of expertise an that time. You could always use their success as a too of motivation as well. Competitors are meant to be challenging and they also can be a stepping stone to greatness.
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Post by ernestmajoue on Oct 3, 2013 12:08:33 GMT -6
I agree with Kohurt analysis on healthy competition and success of more than one. I think if you work with people better than you it makes you better. Just like when you are competing in sports you bring it all to the table and so does your competition. In the end only one is a winner but the loser can learn from the winner and become better. This does not always happen but can if you work hard and realize what needs to be done to become more successful.
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Post by Holland Bussell on Oct 3, 2013 16:13:55 GMT -6
Benefiting from your competitors success is very possible to do these days. The benefit of the competitors ranges from showing the benefits of your company's strategy. Not exactly how I would have taken it into perspective. I think I would prefer the winner take all approach to my business to capitalize more. However, I think an example or benchmark would be necessary to show off how your company compares to another.
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Post by stephaniemeyer on Oct 5, 2013 19:11:20 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
The author does have a point when stating that there can be some advantages to a competitor's success. It could prove to consumer's that the business you're in DOES work and is beneficial to consumers. There's usually MORE than enough business to go around and, if your competitor is not as "on the ball" with appointments/estimates, etc.. as you are, you'll have the opportunity to gain clients that would have potentially been his. So, as the author says, you could very well benefit if your competitors show consumers that your type of business works.
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