Most people define their competitors too narrowly. The market is les segmented than you think it is. You may think you are selling chocolate-flavoured biscuits wafer. But the consumers think chocolate. You are competing with a chocolate brand but you think you aren’t. Think through who your competitors are carefully.
If you are a small
player, your biggest competitor is the largest brand in the category. Not similar
sized brands with you.
Who are you
selling to?
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