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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



                               Brainy Fact


                     W. Mather conducted the first modern scientific survey of India in 1793–96. Colin Mackenzie conducted
                     the first topographical survey in the south in Kanara and Mysore. By the end of the nineteenth century,
                     the Survey of India had mapped the majority of British India. In 1852, the Survey of India also observed
                     and identified the world's tallest peak.







                     80     Touchpad Web Applications-XI
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