Juan Pablo Jimenez
13.-Who and what else is out there?
When you think about competition, try to think about:
- Competition is a good sign: it means you are not crazy and that there is an opportunity there that someone else is also seeing.
- Competition is always out there: do your research. We have to think about it more broadly and go beyond the obvious.
Competition:
- Substitutes: are products or services that have different forms but offer similar functionality. Like coke and Pepsi, Fanta and crush, etc. You might have competition this way, pay attention to it because the consumer considers them as your equal.
- Alternatives: products or services that have different functions but can cater to a similar purpose. For example a couple that can choose to go to a restaurant or to the movies.
- The Status Quo: whatever is being done by the customer right now before you come around with your product, that's competition.
You can make comparison tables to compare you with your competition, as shown on the images.
David Rosas
Thank you!
