In my previous post I talked about how competition should never be feared. However, this in no way means we should ignore it. Because if we do, we’ll loose customers in the process. Market research involves knowing all that you can about your competition. What do they offer that you’re not offering? How important is it? Should you be offering it? Should you stop offering something that your competition will continue to provide potential customers with?

I will explain why thinking thoroughly before answering these questions is so important through a personal experience. I was thinking of changing my computer and after a chat with my dad who wanted to buy my notebook, I decided to buy a Sony Vaio. I checked the site of a local Sony Center shop, picked the model and went to get it after work. I had part of the amount in cash, the rest on a card. Continue reading

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