Copy - Copy - Class 12: Concept Overview V3

How to Identify Competitors?

Types of Competitors and their Importance

DELIVERABLE:Direct & Indirect Competitors List

Why Identifying Competition Matters

Identify Global Competitors

Objective: Learn why identifying competiton can be a game changer

CONCEPT PRIMER

Key advantages of knowing your competition well

Why Identifying Competition Matters

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

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.

LEARNING FROM OTHERS

DIFFERENTIATION

MARKET AWARENESS

ADAPTATION & INNOVATION

IDENTIFYING GAPS

HOLISTIC UNDERSTANDING

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.

Types of Competitors and their importance

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

Tools to Use:

Tool Exploration- Research Competitors

Venture Activity 4.1: Identify Direct & Indirect Competitors

• 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

Research and team discussion

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

Identifying Competitors

• The problem Summary
• The Solution Summary

Review

Steps to Take

Your Deliverable – List of Direct & Indirect Competitors

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

Differentiation

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

Holistic Understanding

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

Market Awareness

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

Adaptation and Innovation

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

Identifying Gaps

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

Learning from Others