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Business strategy
Steps to Identify the Indirect Competitors of your Business.
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[QUOTE="King bell, post: 347049, member: 75687"] To know the competitive landscape, it’s important to recognize other indirect competitors. Some steps to do this include understanding the industry itself, finding direct competitors, defining the target market segment(s), analyzing substitute products/services and looking into complementary ones as well; such an analysis allows companies identify possible threats or opportunities that may arise in relation to them. For instance, a book store could view digital reading platforms such as Kindle Fire tablets and Nook e-readers among others not just only their direct competitor but also indirect ones thus underlining need for extensive market investigation coupled with knowledge about what is happening around them in terms of business trends etc. [/QUOTE]
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Steps to Identify the Indirect Competitors of your Business.
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