The information age has increased the number of opportunities for new businesses and products and has tremendously increased the speed at which new products are developed and introduced into the marketplace. As a result, the information age has also increased the need for businesses to be thoroughly familiar with their competitors.
In order to compete effectively, you need to know:
- Who are your competitors?
- What are your competitors' strengths and weaknesses?
- What are your competitors planning to do next?
- What are your competitors' spending trends?