Wednesday, 16 March 2011

Lesson From Competitors

   It is important to realize that we can't successfully compete with everyone on every facet of business or life. If i were to come to town or city and ask you which is the best restaurant in the area, you would likely ask a number of questions such as: What kind of food do you want? How much do you want to spent? Do you want something quick? Are you looking for an entire evening-long dining experience?

   If we consider automobiles, the least expensive and most expensive cars on the market both have something to offer to certain customer. Oftentimes, we need to determine what our competitors do well and then consider whether or not we want to compete on that particular aspect of our product or services.

   Expensive luxury cars may be comfortable, more stylish and safer while compact, low priced vehicles are fuel efficient and less expensive to own and operate. Both automobile companies can be excellent at what they do, but they can't be everything to everybody.

   There is a somewhat outdated business principle know as line extension. Line extension is the nation that, because a company or its product have name recognition, they can add new products and succeed by using the same name. Line extension would tell us that McDonalds should be able to succeed in fine dining or Mercedes could get into the low-ended economy car market. In reality, they would not necessarily succeed in the new venture and would, quite likely, damage their core business.

   In business or in life, we've got to pick our battles and select our priorities. If we are to succeed at the highest level, we are going to have focus on a limited number of elements. Rarely do you see anyone succeed simultaneously in two different ventures of fields. To compete against the best in the world, you've got to put forth your best effort which is totally focused and undiluted.

   As you go through your day today, learn from your competition, define your area of expertise and SUCCEED!!
Today id The DAY!