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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