Competition business and value addition ways to extend business

Question

Accepted Answer

To extend business, we need to analyze competition and find ways to add value to our products/services.

Conduct market research to identify competitors and their strengths/weaknesses
Analyze customer feedback to identify areas for improvement and value addition
Develop unique selling propositions (USPs) to differentiate from competitors
Offer additional services or features that competitors do not provide
Collaborate with complementary businesses to offer bundled packages
Invest in technology to improve efficiency and customer experience
Offer personalized/customized solutions to meet specific customer needs
Provide exceptional customer service to build loyalty and word-of-mouth referrals

Popular interview questions of Distribution Manager