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Post by billyg on Nov 1, 2013 8:12:56 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
If you competitors do well and you follow a similar plan selling a similar product, your company should benefit as well. When companies similar to yours succeed investors will see the opportunity for further success.
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Post by dipanjali1 on Nov 3, 2013 21:39:56 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
A business can learn from many different sources and one of them is through their competitors. When competitors do well, business can get idea about several different things like their strategy, business model, and it makes them easier to follow and track their own doings. Some people believe only in beating their competitor without considering the fact that they can learn from their success as well.
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Post by w0384905 on Nov 4, 2013 22:19:04 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
You have to learn from the competitors and model a similar business plan to these businesses. You don't want to reinvent the wheel just go with the flow and go with what works. If your competition is doing something right then do what they are doing and your company may have the same success. I believe that this statement is true and your company can benefit when your competitors do well.
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Post by sbardwell on Nov 6, 2013 10:40:45 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Two things come to mind after reading this article. The first is the “Follow the leader” business strategy. If a company is successful many want to follow, sometimes allowing for the success of the follower. We see this in the Family Dollar following the Dollar General stores. Second, is that if a company is successful it indicates it is in a strong business industry, representing growth opportunities for other companies. Either way, formulating a good business strategy can take advantage of either scenario.
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Post by darrell2009 on Nov 9, 2013 11:32:31 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well I agree with the article having rival will do nothing but help your business in the long run. For most small business it do nothing but attract more customer. So people like to drive their competitor out of business because they are not into sharing the market and have nothing to pursue their investor into buying their product.
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Post by ashleylevernharrison on Nov 9, 2013 21:01:36 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
I think that competition between competitors is a good thing for the consumer. It leads to lower prices and higher quality items. I do believe that there is room for a lot of companies to succeed in one business market. If there is only one company that is dominating the market, that leads to a monopoly and higher prices for everyone. One example of good competition is Apple and Android. The ease of use of apple products has made android make its products easier for the consumer to use.
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Post by w0415498 on Nov 9, 2013 22:49:48 GMT -6
It’s great to have competition. That way your customers can see the differences between the businesses. They can compare who they can benefit from the most. And they can see for their selves who have the best products or services.
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Post by christiebrown on Nov 10, 2013 12:04:35 GMT -6
I think that this article points out the reality that a lot of business owners make the mistake of thinking that the only way they are going to be successful is if they beat all their competitors. The article says that the competition isn't just going to hand you over all their customers, and that's very true. Accepting that competition can be a good thing is important, but the key is to know how to benefit from there being competition in your niche.
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Post by kselders on Nov 10, 2013 15:22:18 GMT -6
This article provides confirmation that everyone can reap some of the benefits of someone else hard worth even you are competing in the same market. Every company wants to be number one but, someone has to "lose." Why not counter off your competitors but, keep a competitive edge by setting your business apart. Follow the program that works and implement changes to make your business successful. A perfect example would be O'reillys and Autozone. The offer the same services but, they attempt to differentiate themselves by color, brands, and prices.
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Post by bneedham on Nov 10, 2013 15:51:21 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Competition brings out the best in people and businesses. I feel that when someone is striving to be better than their competition it brings out the best in themselves and keeps them wanting to improve. Lack of competition breeds stagnation and lack of innovation simply because people or businesses do not feel the need to be better or do more than they are doing to survive.
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Post by banessau on Nov 10, 2013 18:51:42 GMT -6
You Benefit When Your Competitors Do Well
You win if they win; this is something that is true in this situation with competitors. By having the competitor be top selling, it gives motivation to do better than them which can be a catalyst to the business to strive to do something greater! Being competitive is something that gives an adrenaline rush, which in some cases, gives the business something to focus on.
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Post by ebonisw on Nov 10, 2013 19:57:27 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
When your competitiors do well, it gives you an idea of what you are lacking in and what you can improve on in your own business. Competition is helpful in that aspect especially when you lack reasoning for not meeting quotas and goals within your organization. You begin to reevaluate you have been doing and make the necessary changes to make your company more competitive.
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Post by tevinrapp7 on Nov 10, 2013 20:22:32 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Competition is always exciting and can sometimes leave you in the dust but sometimes competitors can build your company too. Competition isnt always bad for an industry, they can grow you too. Sometimes you can past up competitors and feed off what they do and learn from there mistakes. So you don't always want to see your competitors fail because they can always help you grow in the future and educate your company.
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Post by clayb1919 on Nov 10, 2013 22:27:58 GMT -6
Competitors aren’t all bad. This link tells us to be aware that competitors aren’t going to just give up so it’s best to use them to your advantage. I agree with this because It’s almost impossible to be your only competition. Better to stay positive and make the most out of your competitors instead of completely trashing them.
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Post by brichoux on Nov 10, 2013 22:35:46 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This perspective may seem like a paradox to most but it makes great sense as you look deeper. As the competitors have success, the industry is proven and creates a model for investors to see that your plan will work as well. Also, it creates a benchmark. You can see your difference, strengths and weaknesses, that will be comparable to your competitor.
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