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There are several strategies to outdo competitors in different industries. First, conduct a SWOT analysis to understand your strengths, weaknesses, opportunities, and threats. Second, use strategic group analysis map to identify your direct competitors and understand their strategies. Third, differentiate your products or services to stand out from the competition. Fourth, focus on customer retention by providing excellent customer service and building strong relationships. Lastly, innovate constantly to stay ahead of the competition. These strategies can help build a stronger defense against competition and generate higher ROI.
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Do you feel trapped to outdo competitors? Better strategies can build a stronger defense against competition and generate higher ROI on your strategic...
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Different industries will find different forces that are more important. For instance, the power of suppliers is especially critical for any company in manufacturing - just look at the problems the automotive industry has faced most recently with the chip shortage. And bargaining power of buyers is more important for less sticky products, like food and coffee, because there's such a large range of choice.
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