Analyzing Your Competition

Price is not the only factor that consumers look at when making purchasing decisions.  And while it’s not the only factor, it’s still weighed heavily.  You absolutely must know what your competitors are charging and take that into account.  Maybe you want to undercut them, which can work.  Maybe you want to match them while offering some incentive.  Either way, remember that capitalism is cutthroat.  You must be aware of what your competitors are doing and offer something better, whether it is price, service, location, or something else if you are going to succeed.

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