Page 82 - Web Applications (803) 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
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

