Question

WHAT ARE THE 3 LIKELIHOOD OF ATTACKS FROM YOUR BUSINESS COMPETITOR?

Answer 1

Answer:

Three likelihood of attacks from the business competitors are given below:

1. Substitute products: Business competitor may copy the idea or product or services of the business and may serve the same to the customers at reduced cost so as to acquire the customers of the business. This will reduce the market share of the business and the actual sales of the company may be less that the expected sales resulting into the loss of revenues.

2. Demarketing: business competitors may demarket the product of the business without actually naming the brand or the name of the product or that of services of the business. Competitors may use specific attribute of the product for demarketing which the customers can recognise that the attribute being shown belongs to the business. This will reduce the brand image of the business and it sales of the product may go down.

3. Employee attraction: Employees who are working in the business and are having very high level of expertise and are productive and efficient enough to prove themselves as an asset for the company may be attracted by the competitors by offering them various benefits that are usually higher than the benefits that they are getting in the business. This may lead to employee turnover of highly productive employees from the business.