Answer to Question #218767 in Electrical Engineering for Fredy

Question #218767

Highlight the major entrepreneural competitive?

Expert's answer

A competitive study should tell the entrepreneur how rivals advertise their products and services and methods to enter the market by filling product or service gaps in areas that your competitors do not offer or do not serve adequately. More significantly, competitive analysis assists the entrepreneur in developing a competitive advantage that will aid in creating a sustainable income stream. For example, a large corporation such as Walmart competes largely on price. Small businesses generally cannot compete on pricing because they lack the internal efficiency and volume sales that giant firms like Walmart have.

The competitive analysis grid should identify your rivals and contain an assessment of the major features of your industry's competitive landscape, such as competitive strengths and weaknesses and critical success determinants.

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