Microeconomics
1) My strengths and interests
First of all, to persist as profitable business, I will analyze my strengths, abilities and interests that are unique to me. I mean every person has been granted something unique by nature, and then, will incorporate those interests and abilities in my product to stand it out from the crowd or competitors. This is where I will formulate my market and competitors strategy.
2) Industry trends and developments
The second thing is the innovations, industry trends and developments that strongly influence ones position if one is not conforming to the new standards and choices of customers. Therefore, I will frequently update my products concerning the new trends and fashions demanded by the customer.
3) Market changes and opportunities
The third one is the market, its growth, new thoughts and choices of customers in respond to which industry trends and innovations occur. Therefore, before the industry knows about the customers new perceptions and choices, I will update my products to meet the customers valuable taste and utility.
4) Competitive changes and opportunities
Competitive changes and opportunities relate back to interests and strengths of a specific businessperson or entrepreneur. Therefore, there will be different changes and opportunities, packages for customers as a result of entrepreneur personal strengths and interests that are incorporated into his product. Therefore, I will rely best on my own interests and abilities to make my product as unique as my strengths and abilities.
5) Technological changes and opportunities
Science and technology is bringing fast new conditions, situations and environments which directly influence and change the products criteria based on the new research findings that is to be incorporated in the product to make it valuable and quality assured by International Standards Organization. Thus, in order to lead the charge in my industry, I will be intimately concerned about the emerging technologies regarding my product and related industries.
I might consider the following factors to head off future competition
There are two sets of factors Internal and external They are discussed below one by one (Abrams, 2003).
External Factors
1) Customer Satisfaction Quality and service Assurance Durability maintenance
The one most important factor in competitive businesses is Customer care and satisfaction. Business runs only when it copes with the demands of customers. Customer is the king in a highly competitive environment, so he should have to be cared for in every sense. There are two things
1) Customer care
2) Customer satisfaction
Customer care is the treatment you give to customer when he comes to purchase, or asks something regarding the product or complains regarding the terms and conditions or quality of the product. When you respect his questions and presence, he can have a good image of what quality service you give, so he will come repeatedly.
Customer satisfaction is very different from customer care. Customer satisfaction refers to the achievement of demand, taste and utility of the customer. Therefore, customer care and satisfaction are two major processes that I will keenly consider to help compete with others in industry.
2) Competitors strategy (Andrew, 2001)
The second thing is to evaluate effectively my competitors strategy. There are two schools of thought. One is the defense against competitors while the other one is offense to the competitors. Judo strategists use the later one but I will prefer the defense against competitors strategy to strengthen myself enough to create numerous legal barriers for a competitor to enter the market, not like the judo offense strategy of creating illegal and offensive barriers preventing a competitor entering the market.
3) Image styleperceived value Logo DesignBrand name
To make ones business successful, one must have a brand name, a logo design that reflects ones innate capability of entrepreneurship. The more you are creative, the more your brand name and logo design will be impressive and perceptible by the customers.