Page 76 - Data Science class 11
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Understanding Competitors
Before an entrepreneur starts a business, another important step in understanding the market is knowing which other
companies in the market offer the same product or service. This helps an entrepreneur understand the competition he/
she may face. Some key aspects to keep in mind while studying your competition are:
Position
(High quality/Low
Any offer given quality brand,
to customer etc.)
Relationship
with Customer Price
Conducting a Competitive Survey
Business owners need to survey all possible businesses to find out what is available in the market and what their
competitors are doing. In customer surveys, you go directly to your customers and talk to them, but in competitive
surveys, entrepreneurs need to observe these questions and ask others. This is a sample survey that you can use for
competitive research.
Questions Observations (To be filled by students)
Customer outlook of business
1. High-end
2. Low-cost
Competitor Price for Product
Is any offer being given?
Competitor’s interaction with the customer
Customer’s feelings while buying the Product
Task Critical Thinking
The teacher can divide students into groups for this exercise. Assign each group a challenge, such as coming
up with a ‘new look’ for a product or a new form of communication. Each group will be given a bag of common
household items like elastic bands, pipe cleaners, paper-clips and foil. Students should create a product based
on the challenge. Allow each group 15 minutes to present their concept and explain why it satisfies the
challenge.
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