But what is competition?

Competition is the pursuit of a company or several companies that offer similar products or services to obtain more customers and a larger share in the labor market and thus increase profits. Where the letter (P) represents an abbreviation for the following words: Product, Place, Promotions, and Price.

Patterns of competition in the labor market

Competition in the labor market is manifested in three patterns, which are as follows:

• • Direct competitors: They are the companies that sell a product or provide the same service to the same audience, and these are the competitors who seek to share with you and compete with you in the labor market. (This is the category whose activity you must monitor because competition with them is direct and public)
  Imagine that you and one other person are selling ice cream in two carts facing each other during the summer on a busy street.. Here you can see what the direct competition would be like.
• • Indirect competitors: They are companies that sell a product or service different from what you have, but they achieve the same purpose of your product as an alternative to your product or service.
  Now imagine that a seller of cold juice came with his cart and started calling your potential customers.. How do you feel in front of an indirect competitor?
• • Alternative competitors: They are companies or entities that sell a product or service that is different in class and type than yours, but which represents an opportunity for your customers to buy it for you.
  Now the voice of the peanut seller is rising, offering his product at low prices.. Will your customers abandon you..?! This is an imaginary competitor that we were not counting

The importance of analyzing competitors in the market:

The process of analyzing competitors has many importance related to the organization or even to the product or service it provides, including:
  The deliberate entry of the company into the labor market and the prevention of its random entry.
  Determine the optimal time for the company to enter the labor market.
  Develop marketing strategies.
  Find out what others are better at and take advantage of in your work.
  Determine the right moment to be a step ahead of your competitors.
  Not allowing a gap between supply and demand to occur and covering it immediately, if any.
  Develop Mechanism tactics and strategies that enable you to beat competitors.

Tree Bell studies when new competitors enter your market

• 1. There is a high profit margin in this industry.
• 2. The produced quantities do not meet the market demand.
• 3. There is potential for future growth.
• 4. Competitive competition is not strong.
• 5. Dissatisfaction with existing suppliers

TRIPLE Vision

When conducting a competitive analysis of your existing company or project you are planning, we work with you to conduct a comprehensive study of all aspects of marketing. Starting with identifying who your competitors are and all the important information about them and their strengths and weaknesses and yours too. Next, we describe the target markets, products and prices, and media strategies, and then we conduct a SWOT analysis and reach the conclusion of the marketing study, on the basis of which you can make the appropriate decision for your marketing and operational orientations to ensure that you achieve more revenues and profits.