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Who are your potential competitors?

Leia Doyle

Who are your potential competitors?

Potential competitors are those competitors who do the same thing that you and target the same kinds of customers but aren’t selling in your market area and aren’t likely to do so. They could be your competition if they decided to enter, but either don’t have the infrastructure or have chosen to ignore your area.

What is the impact of competitors?

Competitors will try to win market share by cutting costs, improving efficiency, lowering price and innovating by either creating new products and services or improving upon old ones. In other words, competition tends to give consumers better goods and services at lower prices.

What are some of the legal and ethical issues involved in collecting competitor intelligence?

Ethical collection of competitive intelligence

  • There is competitively sensitive material about a company.
  • The company has taken active measures to protect it.
  • You intentionally breach those measures using deception.
  • You smuggle the information out of the company.
  • The information is employed at a competitor’s firm.

How does competition law encourage competition?

Competition law – an introduction The law aims to promote healthy competition. It bans anti- competitive agreements between firms such as agreements to fix prices or to carve up markets, and it makes it illegal for businesses to abuse a dominant market position.

Is it ethical to spy on your competitors?

This is what NOT to do to conduct research on your competitors. Don’t call them pretending to be a client, or the representative of a client, in order to attain information about their pricing and to access materials they would not share with a competitor. It’s dishonest, fraudulent and, in many cases, against the law.

Is competitive intelligence gather ethical?

While some intelligence-gathering activities aren’t actually illegal, they are nonetheless unethical, like pretending to be a customer or posing as a jobseeker to gain access to inside information. The risk of legal action might be low, but there’s a huge risk of embarrassment and serious reputational damage.

What are some examples of perfect competition?

3 Perfect Competition Examples

  • Agriculture: In this market, products are very similar. Carrots, potatoes, and grain are all generic, with many farmers producing them.
  • Foreign Exchange Markets: In this market, traders exchange currencies.
  • Online shopping: We may not see the internet as a distinct market.

    Is Fierce competition a good idea or bad idea?

    Is fierce competition a good idea or bad idea? Competition is healthy because with competition not everyone’s a winner. Competition forces the opposing company to work hard and produce better products. Healthy competition results in lower prices for products and better quality for the customers.

    Is competition a good or bad thing?

    Competition is good for children. It is quite normal for people to judge themselves against others, thus in that respect competition is quite healthy. However, it becomes unhealthy when the competitor is forced to compete or feels that they have to compete in order to gain love or status within the family.

    Is competitive intelligence unethical?

    So, based on the law, competitive intelligence is completely legal. Gathering information by not disclosing who you are to a competitor or by lying would be considered unethical, but it’s not illegal. The best competitive intelligence professionals don’t conduct their practice through illegal or unethical means.