4.2 IMPORTANCE OF RESEARCH ON COMPETITORS

As entrepreneur, you are required to constantly study and monitor your competitors. This is a reason that leads companies to make further progress or reverse.

For example, the most important firm that lost its status as the largest telecommunication company in our time is Nokia, which its competitors were able to overcome a result of a set of incorrect decisions that were not in line with the technical development of the era. You can see the attached links to find out why Nokia has collapsed.

On the other hand, your competitors may lead you to make more progress and profit and expand in the local and global markets if they are studied and analyzed professionally and correctly. Visit the following link to learn about the leading companies competing for global markets and their fields:

https://www.alqiyady.com/%D8%AA%D8%B9%D8%B1%D9%81-%D8%B9%D9%84%D9%89-%D8%A3%D8%B4%D9%87%D8%B1-10-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%85%D9%86%D8%A7%D9%81%D8%B3%D8%A9-%D9%84%D8%A8%D8%B9%D8%B6%D9%87%D8%A7-%D8%A7%D9%84%D8%A8%D8%B9%D8%B6.html

The role of innovation and creativity should be noted here that allow you to beat your competitors. By using your creativity you can apply them easily, and through which you can create your competitive advantage that we will talk about later.

Based on, the study and analysis of competitors, including:

1. Understand more about the market, study products and services, and compare what others offer and offer.

2. Identify your strengths and weaknesses and therefore use and strengthen the strengths and find solutions to overcome your weaknesses.

3. Identify opportunities and gaps in the market.

4. Identify and validate the competitive advantage.

5. Learning from competitors and their experiences of failure and success.

6. Define how to improve your performance or adjust your goals commensurate with the direction of competitors.