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Surviving and thriving in competitive markets

“We became uncompetitive by not being tolerant of mistakes.” (Roberto Goizueto)

At its most basic level, being competitive enables you to sell more goods or services, but it also means that you can gain greater flexibility in the market. Competitiveness is a relative concept: if you are more competitive then it is likely that your flexibility and market strength will be greater than that of your competitors. Competitiveness also enables you to:

• Develop customer loyalty
• Increase sales to existing customers
• Enhance the strength and value of your business brand
• Confidently test and develop new products and product extensions
• Deter new competitors or enter new markets from a position of strength and experience
• Withstand challenges and difficulties that may arise

This toolkit explains how to develop the competitiveness of your business.

Length: 10 pages

Contents:

The Benefits

Action Checklist: Enhancing Competitiveness
• Know when competition will intensify
• Develop market awareness
• Build and exploit sources of competitive advantage
• Assess the organization’s competitiveness
• Choose a market position

Avoiding Problems

Key Questions

Dos and Don’ts

Things You Can Do
• Regularly contact customers
• Involve customers
• Champion your business and differentiate it from competitors
• Minimise barriers to employee contributions
• Maintain a clear, practical understanding of competitors

Further Action

Further Information