Competition - the act or process of competing: RIVALRY

the effort of two or more parties acting independently to secure the business of a third party by offering
the most favorable terms.

Principles of Competition is the quest for achieving superior results, the best results in a specific field, in
business, in sports, or in social activities, the best results compared to others. Competition is the fight
for a limited resource, for a prize or for an award.
Competition usually involves two or more competitors with the goal of determining a clear winner. It is
the simultaneous demand for a reward or for a resource that causes competition.

Tools of Competition
1.Positioning Comparisons - This is a matter of branding and general positioning. How does your brand
behave, act and present itself in the market? By comparing both, you can tell where are the strongest
features of your brand and have insights on how to develop them furthermore. (Tools: Gartner Magic-
Quadrant is the name of a series of market reports.)
2. Product Comparisons - Advertising campaigns, discounts, and specials are common knowledge, easily
found on websites, brochures, TV advertising, etc. (Tools: What Runs Where- is a handy tool for
monitoring your competitors’ ads. It covers many ad networks and countries, allowing you to track
competitors worldwide.
3. Websites - customers google your business or go directly to your website before you even know
they’re a customer. So, analyzing your competitor’s website is a great place to start. (Tools: WooRank-
helps to better your website based on the results of a project analyzing either your site or your
competitors.)
4.SEO - There are numerous tools to help determine how your website performs. There are also ways of
measuring keywords and key terms, all of which drive site visits. If you can measure something, you can
improve it. To get a better view of your market share, you can analyze your competitor’s site traffic
too.(Tools: Google Insights- to understand industry trends, consumer insights and content
possibilities. It's a good way to compare yourself to the market and see where your brand is placed.)
5.Social Media - A key factor in this marketing climate is analyzing the integration of social media into
their marketing strategy. (Tools: InfiniGraph- keeps you up to date with trends in your specific
industry. It's beneficial for both competitor analysis and improving your own content.)
6. Blogging - Check out customer engagement through shares and comments. Are your main
competitors' blogs full of dynamic well-written pieces worth sharing, or pictures and fun stories? Find
out what makes their blogs successful. (Tools: SocialMention- focuses on blogs and social media,
tracking keywords and company names, allowing you to keep track of what’s said across social
platforms - and with what sentiment.)

Techniques of Competition Technique #1: Create Utility and Usefulness with your Product - The first
marketing technique you can use to beat your competition is to create utility, usefulness, and satisfy the
needs of your customers to achieve a specific result. Technique #2: Change Your Pricing - A second
approach to sales and marketing is by changing your pricing. By bringing your goods and services into
the price range of your customers, you can open up entirely new markets that do not today exist.
Technique #3: Emphasize Your Product’s Key Benefit to the Customer - adapting to the customer’s
reality, both social and economic. The ultimate aim of your marketing plan is to make selling
unnecessary. Customers are terrified of risk. They are afraid of paying too much, getting the wrong
product, losing their money, and getting stuck with something that is inappropriate for their purposes.
Technique #4: Deliver True Value of Your Product to Your Customer - The fourth approach to marketing
plan is for you to deliver what represents “true value” to the customer. True value is something that can
only be identified by working closely with your customers.

Customers - one that purchases a commodity or service

Principles of Customers - Performance in any field is guided by a few core principles. Say you want to
improve at swimming. One way would be to go for a daily swim at your local lake. Will you improve?
Sure. But only until you reach a certain plateau. A deep understanding of a field’s core principles sets
you up for an autonomous and continuous path of improvement.

1.Speed- Speed or responsiveness shows up in almost all studies as a main determinant for service
quality. According to a Warwick University study, responsiveness has the highest impact on both
customer satisfaction (fast response) and dissatisfaction (slow response).
2. Accuracy- Besides being fast, your service answers should, obviously, be correct. Johnston's study
shows that customers regard accuracy as the minimum. It won't raise customer satisfaction, but
inaccuracy definitely causes dissatisfaction.
3. Transparency- "What the hell is taking so long!?" We all recognize this feeling. Not knowing what is
happening or why makes us feel uneasy. Which is why transparency is just as critical to service as speed
and accuracy.
4.Accessibility- If your customer has a problem, how easy is it for him or her to get in touch? For a long
time, the entire customer service theory focused on delighting the customer on exceeding expectations.
5.Empowerment- We all like to feel in control. A good service offers this feeling to its customers.
6. Friendliness- There's one major downside to eCommerce. It has stripped away most of the human
interactions that used to be commonplace in everyday transactions. Service
7. Efficiency- will always be a crucial factor in customer service. What has changed is technology; some
tools let us bypass yesterday's tradeoffs. Take speed and costs. Back when phone was the only channel,
you couldn't offer fast service at low costs. To offer instant service, you'd have to maintain an army of
idle phone reps to cover for peak times.

Tools of Customers More and more organizations are providing customer service tools to encourage
consumers to have greater interaction with their brand.

1. Online communities - Statistics show that 25% of people choose to engage with brands because they
“want to join the community of brand fans.” Online communities allow customers to engage with other
customers, give direct feedback on products, and share their passion for your product or brand.
2. Discussion Forums - A forum is a specific type of online community that creates an opportunity for
crowdsourcing. Here, you can collect and respond to customer feedback.
3. Social Media - is an essential tool for businesses of any size. Create a social media presence and use it
to engage with customers, connecting with them and responding to their problems or issues on a timely
basis.
4. Automatic callback - We’ve all had the unpleasant experience of being put on hold for an annoyingly
long period of time. By the time an operator is able to assist you, you’re already irritated at having had
to wait for X amount of time. If your service system allows a user to enter their phone number for an
agent to call them back without losing their place in the service queue, even better.
5. Live chat - As more people shopping online, there are people are looking for online support. Offering a
live chat option (like the one included in the Salesforce Service Cloud) is another way to foster a good
online experience for your customers.
6. Customer satisfaction surveys - Allowing your customers to give feedback provides you with valuable
information on how to build a better customer journey, and it can help instill trust in your brand This
trust is important to build, because it can cost five to 15 times more to acquire a new customer than
gain repeat business from an existing one.

Customers Techniques:
1. Engage in active listening- Active listening is essential for effective communication. It allows for a
better understanding of the customers’ needs and shows a willingness to help. Allow the customer to
talk without interruption, reflect back their main question or concern and ask clarifying questions when
necessary.
2. Highlight understanding- Ensure that each customer is aware that you understood their needs. By
using active listening techniques and asking relevant questions, you will communicate that you
understand them and are making an effort to help solve their problem.
3. Be Courteous- Be polite and have respect for your customers. Always use “please” and “thank you”
and create an inviting environment for the customers.
4. Call the customer by his name- Ask the customer their name and pronounce it correctly. This
communicates respect for the customer and lets them know that they are important.
5. Go the extra mile- Demonstrate through actions that the customer is important by giving more than
the minimum effort required.
6. Ask, don’t demand- Statements can sound harsh. Asking appropriate questions makes the
conversation more collaborative.
7. Empower- Empcustomers with adequate information to make informed decisions. When there are
options, thoroughly describe each available alternative. By offering choices, customers will be more
involved in solving their problems. This results in a higher level of customer satisfaction.
8. Be proactive - Engage in proactive steps to satisfy the customer’s needs. Being proactive will also help
to reduce barriers when problem solving.
9. Highlight pros and cons- When describing a product or service, include both its strengths and
weaknesses relative to alternatives. By providing balanced recommendations, customers will view you
as more credible. This increases trust and customer satisfaction.
10. Explain- Customers are not always familiar with your company’s policies or procedures. Thoroughly
explain to customers what you’re doing and why you’re doing it. A clear understanding tends to
decrease customer frustration.
11. Use plain language- Avoid technical terms, jargon and acronyms. Be professional, concise and clear.

Suppliers - a person or company that supplies goods or services

Tools to the Suppliers:
A good relationship with suppliers is a vital part of business success.
Suppliers not only provide you with the goods and services you need to run your business - they can also
be an important source of information, advice and trade credit.

The following tips will help you to maintain good relationships.

1.Talk to your suppliers regularly.
2.Pay your suppliers' accounts promptly.
3. Communicate with a supplier before the due date for payment, should you foresee a delay in paying
an account.
4.Build good relations with your current suppliers' representatives.
5. Be fair but firm with industry sales representatives they can easily take up a lot of your time.
6. Avoid rush orders wherever possible they can cause significant stress in your business and put a strain
on the relationship with your suppliers.
7. Monitor the financial position of your suppliers talk with industry colleagues and competitors about
the general financial stability of those businesses that supply goods and services to you.
8. Address any issues of concern in relationships with your suppliers as they arise.
9.Refer damaged or faulty goods to the supplier promptly, with supporting documentation.
10. Be prepared to review and renegotiate the terms of trade with your suppliers from time-to-time.

Suppliers are essential to almost every business. Without raw materials to make what you sell or
manufacturers to provide what you resell; you will have a tough time growing.

Techniques to the Suppliers:

Regular communication - One important quality of managing your suppliers is regular and constant
communication. Remember your suppliers aren’t mind readers. If there is some aspect of your business
relationship you feel they could be doing better, you need to let them know. If your goals for the next
quarter have suddenly changed, you need to make sure they’re aware of that fact as soon as possible.
Putting objectives in place - Another important step you can take to better manage your relationship
with your supplier has to do with putting objectives in place at the beginning of the production process.
If you have a very specific goal in mind, you need to make sure your supplier is aware of it.
Regular meetings - another way to insure effective communication between your business and your
supplier. By regularly having an in-person meeting with a representative from your supplier, you’ll be
able to more easily communicate certain goals and objectives that can be difficult to get across in text.
Putting things in writing - One of the most important things you can do when it comes to managing your
relationship with your supplier involves putting things in writing. For the business that operates in
multiple locations there are professional document sharing solutions to help manage your project and
relationships effectively.
Make sure you’re focused on your supplier’s needs, alongside yours - Just as your business has its own
unique requirements which need attending to, so will your supplier. Keep in mind that many suppliers
depend on the prompt payment of invoices to move forward with their own business models. Even one
delayed payment can make things significantly more difficult for that business moving forward. Always
try to see things from the perspective of your supplier and do whatever you can to make things as easy
for them as possible. The supplier, in turn, will likely afford you the same courtesy and it will create a
much better relationship that is mutually beneficial moving forward.
Competitors
Principles of Competitor’s:

It can be hard to compete with the rest of your field, and daunting to see the best performing in it — 
especially if you’re starting at the bottom. Where do you measure up? How do you go after #1? There
are a lot of angles to consider when looking at a field of competitors — and it begins with you and your
mindset which is the most important part.
1. Race Yourself and Set the Tone (That’s Faster Than Everyone Else) - You’re driven by a growth mindset
that’s in a race with itself to improve. The finish line never officially comes around, but you’ll know when
you’ve arrived,
2. Don’t Sell to Prospects -Most importantly, they’re the ones willing to follow and buy from you now.
Trying not to displease or offend will lead to a less than ideal prospect and talking to the right prospects
is what you want. It’s the three who love what you say, you want to talk to, not ten who just like it.
3. Make A Plan to Be #1 In Your Segment - If you don’t know how markets work and blindly attacking
one — you’re planning for mediocrity. If you don’t know how often prospects convert, you’re planning
for disappointment, frustration and mediocrity. This often leads to quick discouragement and pivoting
too quickly.
4. Grow Faster Than Everyone Else - is not asking you to have the growth gods come down and make it
rain growth. It’s about your approach toward the market and grabbing every inch to grow a little each
day which compounds over time. Most importantly, it’s the urgency and activity it produces on a daily
basis.
Tools of Competitors:
1. Similar Web — Widely used as a traffic estimation tool, Similar Web has loads of cool features that let
you peek behind the scenes at your competitor’s strategy.
2. Audience — This service will help you analyze your competitors’ audience based on their Twitter
followers. See stats on location, gender, interests, and the languages of those who follow your
competitor.
3. Built with — Dig deep into your competitor’s website technologies and tools with this handy service.
Built with can uncover their web server, advertising services they use, analytics technologies, and much
more. You can even find out which email services a given website is using.
4. Simply Measured — A free tool from Simply Measured called Facebook Competitive Analysis can
easily compare your Facebook fan page with that of your rival. It will show you general engagement
stats for posts and a valuable metric of ‘Engagements as % of fans.’
5. Rival IQ — Rival IQ will analyze your social media performance across all the major social networks
and compare it to your competition.

Substitute
A substitute, or substitute good, in economics and consumer theory is a product or service a consumer
sees as the same or similar to another product. Put simply, a substitute is a good that can be used in
place of another. They provide more choices for consumers, who are then better able to satisfy their
needs. Examples of substitute goods: Butter and margarine, riding a bike versus driving a car,

Perfect substitute can be used in exactly the same way as the good or service it replaces. This is
where the utility of the product or service is pretty much identical.
Ex: butter from two different producers are also considered perfect substitutes; the producer may be
different, but their purpose and usage are the same.

Imperfect substitute may be replaceable, it may have a degree of difference that can be easily
perceived by consumers. So, some consumers may choose to stick with one product over the other.
Ex: Consider Coke versus Pepsi. A consumer may choose Coke over Pepsi—perhaps because of taste—
even if the price of Coke goes up. If a consumer perceives a difference between soda brands, she may
see Pepsi as an imperfect substitute for Coke—even if economists consider them perfect substitutes.

TYPES OF INDUSTRIES
Agribusiness refers to the business of farming, although, oddly, the term is not often used in
correlation with actual farms. Instead, agribusiness most commonly means an agriculturally related
business that supplies farm inputs, such as farm machinery and seed supply.
benefits. These include reduced drudgery for laborers; the release of workers for nonagricultural
endeavors; a better quality of food and fibers; a greater variety of products; improved nutrition; and
increased mobility of people.
DIFFERENCE BETWEEN AGRICULTURE AND AGRIBUSINESS Agriculture is the production, processing,
marketing, and use of foods, fibers and by products from plants, crops and animals. Agribusiness is the
study of business that is involved in these industries.

Manufacturing The process of converting raw materials, components, or parts into finished goods that
meet a customer's expectations or specifications. Manufacturing commonly employs a man-machine
setup with division of labor in a large-scale production.
3 Common Types Manufacturing Production
Make to Stock - Traditional production strategy that based on demand forecasts.
Make to Order – (Also know as built to order) allows customers to order products built to their
specifications, which specially useful with heavily customized products.
Make to Assemble – is hybrid of MTS and MTA in that companies stock basic parts based on demand
predictions, but do not assemble them until customers place the order. The advantage of such a
strategy is that it allows fast customization of products based on customer demand.

5 Manufacturing Processes
1. Repetitive Manufacturing – repeated production that commits to production rate. Comprised of
dedicated production lines that produce the same or paraphernalia of items, 24/7.
2. Discrete Manufacturing – also utilizes an assembly or production line. However, this process is
extremely diverse, with a variation of setups and changeover frequencies.
3. Job Shop Manufacturing – It makes use of production areas rather than assembly lines. This is
because this process will produce smaller batches of custom products, which can be either MTO or MTS.
4.Process Manufacturing – also called continuous manufacturing is similar to repetitive manufacturing
as it too also runs 24/7.
5. Process Manufacturing – (also called batch manufacturing) Batch process are continuous in nature.
Continuous batch process is achievable when the ingredients or raw materials cannot be made to a
strict standard..
Retail and Services
Retail businesses sell finished goods to consumers in exchange for money. Retail goods can be
sold through stores, kiosks, or even by mail or the Internet. Retail businesses can include
grocery, drug, department and convenient stores. Service-related businesses such as beauty
salons and rental places are also considered retail businesses.
Why Is Retailing Important? Retailers are the final link in the supply chain between manufacturers and
consumers. Retailing is important because it allows manufacturers to focus on producing goods without
having to be distracted by the enormous amount of effort that it takes to interact with the end-user
customers who want to purchase those goods.

Difference between wholesale and retail is in the price. The retail price is always more than the
wholesale price. The reason for this is because the added cost of selling merchandise to end-user
customers labor, rent, advertising, etc. is factored into the pricing of the merchandise. The wholesaler
doesn’t have to deal with such expenses, which allows him to sell goods at a lower cost.

• Manufacturers: Produce the goods, using machines, raw materials, and labor.• Wholesalers: Purchase
finished goods from the manufacturers and sell those goods to retailers in large bulk quantities.•
Retailers: Sell the goods in small quantities to the end-user at a higher price, theoretically at the MSRP
(Manufacturers Suggested Retail Price).•Consumer: End-user who buys the goods (or “shops”) from the
retailer for personal use.

International Trade (export and imports) Exports are goods that are sold in a foreign market, while
imports are foreign goods that are purchased in a domestic market. Exports and imports are important
for the development and growth of national economies because not all countries have the resources
and skills required to produce certain goods and services.
How exchange rates affect imports and exports?

The exchange rate has an effect on the trade surplus (or deficit), which in turn affects the exchange rate,
and so on. In general, however, a weaker domestic currency stimulates exports and makes imports more
expensive. Conversely, a strong domestic currency hampers exports and makes imports cheaper.

What are advantages and disadvantage of import export?

Advantages of Export:
1. Global Markets can be captured so that country will earn foreign exchange.
2. Exports Generate huge Employment opportunities.
3. Economy of Country will be developed.
Disadvantages of Export:
1. Exporting Depleting resources like crude oil, minerals, ores Countries will lose valuable resources
which can never be replenished.
2. Export products are subject to quality standards any bad quality products which are exported will
result in Country reputation and remarks on countries.
3. Low Value Addition Exports will be earning less Foreign exchange
Advantages of Import:
1. Import can help Countries to access best technologies available and best products and services in the
world.
2. Cheap resourcing of products can be possible through Imports by globally Procurement goods and
services.
3. Imports can improve countries Standard of living of people of that country
Disadvantages of Import:
1. Foreign Goods are substituting domestic goods so domestic manufactures may lose their business and
this may cause to total collapse of local industry.
2. Foreign exchange loss to country by importing goods.
3. Import will discourage local manufacturing and inflation may cause.
4. Unemployment may increase.
Disadvantages (Challenges) of Export and import

1.Need basic investment to start an export business.

2. Finding the importer from abroad is difficult and also it will take more time.
3. Obtaining a license and documents for export is difficult.
4. Sometimes you need to wait for payments.
5. You must have English knowledge.
6. Unemployment will increase. If everything will be imported from other countries
7. Local manufacturers will lose their business orders.
8. Need to pay GST (Goods and Service Tax) on imported goods.
9. We can’t return the damage and poor-quality goods easily.
10.Reducing the income of our country. Because we are investing all the money in other countries.

Advantages (Benefits) of Import

1.You can import the goods at very low cost from other countries and sell them with more profit.
2. We can get some materials (which can’t be produced by us) only in some parts of the world. Through
import, you can get those materials very easily.
3. You can get the best quality products.
4.The tax concession is also available for some specified goods.
5.Best way to adopt the culture of other countries.
6.We can bring the best technologies to our country through Import.
7.You may get opportunities to go to other countries.
8.When you import high-quality products at a low price, you can sell them at a high price for more
profit. It increases your profit margin.
9. Imports make Employment opportunities.
10.Government supports the import to develop the Trade Relation.