Every morning a lion wakes up. It knows that it must outrun the slowest gazelle or it will starve to death. It doesn't matter whether you are a lion or a gazelle. According to the U.S. Small Business Administration, there are currently 23.3 million small businesses across the country. In 1997, 1.3 million new companies were launched.
Small businesses introduce two-thirds of all new products and innovative ideas.
By sizing up the competition. Conceptually, marketing is based on the idea that you must thoroughly know the environment in which your business operates in order to successfully promote and sell your product or service. All successful business owners know their markets, competitors, customer wants and needs, and what it takes to be competitive. To help you become a successful owner, let's look at what you should know in particular about your competitors. It is important to identify your direct competition before you decide which business category and market segment to compete in.