Copy - Copy - Class 12: Concept Overview V3

Identify Global Competitors

Why Identifying Competition Matters

Objective: Learn why identifying competiton can be a game changer

Types of Competitors and their Importance

How to Identify Competitors?

DELIVERABLE:Direct & Indirect Competitors List

CONCEPT PRIMER

Why Identifying Competition Matters

Key advantages of knowing your competition well

Understanding your competition equates to grasping the dynamics of a game before you set foot onto the field. Just as in sports, where knowing your opponents' strengths, weaknesses, and strategies can significantly impact your performance, comprehending your competition in business is equally critical.

Here are the top reasons why knowing your competitors aids you:

LEARNING FROM OTHERS

MARKET AWARENESS

DIFFERENTIATION

Types of Competitors and their importance

Why Knowing Both Direct and Indirect Competition Matters

Direct Competitors If you're creating a new ride-sharing app, other ride-sharing apps like Uber or Lyft are direct competitors. They offer similar services to the same target audience. Indirect Competitors For the ride-sharing app, indirect competition might include public transportation or even personal car ownership. While not the same service, they fulfill similar transportation needs.

HOLISTIC UNDERSTANDING

IDENTIFYING GAPS

ADAPTATION & INNOVATION

Tool Exploration- Research Competitors

Tools to Use:

Use tools like Tutor AI (on this platform), Chat GPT and other research tools to gather information on which companies could be your competition.

Steps to Take

Your Deliverable – List of Direct & Indirect Competitors

Review

• The problem Summary
• The Solution Summary

Venture Activity 4.1: Identify Direct & Indirect Competitors

Research and team discussion

• Use tools like Chat GPT and the Net to research companies who have solutions similar to the one you are developing.
• Make a note of their strengths and weaknesses

Identifying Competitors

• List your, competitors, in the Venture Activity as follows:
• Direct and Indirect Competitors in India
• Direct and Indirect Competitors globally

Differentiation

Knowing your competitors helps you identify what makes your solution unique. It's crucial for standing out in a crowded space.

Holistic Understanding

Direct competition provides a clear view of businesses offering similar solutions, while indirect competition widens the perspective, revealing alternative ways customers address similar needs.

Market Awareness

It helps you understand the market landscape and who else is out there offering similar solutions or meeting similar needs.

Adaptation and Innovation

Knowledge of both types allows for better adaptation strategies and innovation. You can learn from both similar and diverse businesses

Identifying Gaps

Understanding indirect competition might reveal market gaps your solution could fill, providing unique value and unveils opportunities for innovation.

Learning from Others

Studying competitors' strengths and weaknesses can offer insights into potential strategies or areas for improvement.