Porters Competitive Environment Model
The building of a brand in the business world requires a well calculated and thought after a strategic plan. The model you adopt to use will determine whether you shall prosper or not in a particular business. Nevertheless, it is important to note one of the vital force models in the business environment before you embark on your business journey.
To edge over your competitor, you must understand the competitive environment you are about to encounter. Understand who is your main competitor. What kinds of products and quality he manufactures, and what is his target market? Once you have understood the above mentioned come up with a unique strategy that will give you an edge over his product.
For example, if you are dealing with sportswear, the pioneer companies that sell with sports products are Adidas, Nike, and Armor. As a new company that wants to venture into this kind of business, it will be very tricky to compete against such established brands globally. Hence without fear of contradiction, it is highly recommended for startups to compete at the local market.
In addition to the above, invest heavily to create brand awareness and recognition by associating the company to some of the most prominent sportsmen, for example, in the football world. Many people associate with a particular sports brand because he/she is fun of a specific player or team and, therefore, he shall buy appropriate sportswear because Paul Pogba of Manchester United puts on Nike/Adidas Product.
In summary, a competitive environment gives an entrepreneur a slight understanding of what amounts to succeed in such a business enterprise. It gives you the available loopholes you can pursue to bridge the gap in a somehow very competitive environment.