How can businesses successfully compete with each other

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PrabhatP
Posts: 61
Joined: Thu Dec 11, 2014 10:46 am

Re: How can businesses successfully compete with each other

#1 Postby PrabhatP » Sat Jan 24, 2015 9:48 am

For businesses to compete and stay ahead of its competitors it must work on New product development, innovation, quality, competitive pricing and reach. In today's world of globalization the world has become a global village so people from all parts and segments of the society and country have access to the global products at their door steps. Its cutthroat competition for businesses to stay in the market. So innovation, quality and pricing is the major factor to stay ahead.

saketroy2
Posts: 175
Joined: Mon May 26, 2014 11:23 am

Re: How can businesses successfully compete with each other

#2 Postby saketroy2 » Fri Jan 23, 2015 9:33 am

To get success in any business, it should be different from the crowd. people like new things, they like to try and Brand fatigue starts to happen. To overcome this there should be innovation. I remember there was a company which was regularly posting losses or stagnant turnover suddenly tried to change things . They changed their slogan as " We are second, we try harder". After this their sales grows by leaps and bounds.. if there is innovation, if it stands out of crowd...you can surely beat your competitors.

nitis
Posts: 56
Joined: Thu Nov 13, 2014 2:27 pm

How can businesses successfully compete with each other

#3 Postby nitis » Sat Dec 06, 2014 1:34 pm

Well in today's competitive era businesses are bound to compete and defeat each other.Its the business strategy which works and defines a companies success.It is also the marketing team which continuously works on branding the products of the company.Company X differs from Company Y on the marketing strategy it adopts to promote its products so that the sales of the company rise up.Let me take an example of Mr Narendra Modi who was projected as a brand for BJP so as to promote him to the post of Prime Minister of the country.You have to develop,grow and finally launch your product to make it successful in the market among the public.So the all major companies are working behind this strategy like Ogilvy and Mather,Leo Burnett etc.They are the companies who are given the responsibility to brand any product for any major company.

So to successfully compete with other businesses, firstly a company should brand its product effectively so that the product is showcased more among the public and maximum number of people buy your products.Secondly,develop a social networking framework in such a way that the customers queries can be answered instantly.If a customer is unsatisfied with your product,he should immediately post it on the companies website or through social media and it becomes the companies responsibility to respond to that complaint instantly.For example is the Amul milk case which happened some months back.Thirdly,businesses should be loyal to the customers and vice-versa.The customers should buy from them only and spread the word of mouth to increase their sales and that should be done by the companies too, to listen to their customers.Well that is how businesses progresses in any country.


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