The History of Lynchburg, Virginia An Overview In the mid's, the colonial village of New London in central Virginia was an important trading center, however, it was difficult to reach from northern towns such as Charlottesville due to the necessity of fording the Fluvanna now James River, which passed twelve miles north of the village. John Lynch, son of land-owner Charles Lynch and Quaker Sarah Clark Lynch, decided to remedy this problem, and inestablished a ferry service on the James a few hundred yards upstream from the ford, on property owned by his father.
Features are fairly straightforward, either a product has a feature or it doesn't. Benefits, on the other hand, are not as simple and should only be recorded based on customer feedback. For example, company B may claim in their company literature that their copier is fast, but a user may feel otherwise.
Or, company B may indeed have a copier that by industry standards is fast, but you may have a copier that's even faster. Now, evaluate your competition's product or service. How does your product compare to your closest competitor's product?
What features and benefits are unique to your product? The more unique features and benefits your product has, the stronger your market position will be.
For example, if you produce and market an office copying machine that staples collated copies together and your closest competitor doesn't have this feature, you have an advantage. You can then sell the same market segment the benefit of added convenience and time saved.
Evaluate your competitor's price. Just because you have the same products as other businesses, doesn't mean everyone has the same price. Your own production costs greatly impact your pricing. If your price for a similar product is higher than your competitor's, then your market position is weaker; and if it's lower, then your competitive position is better.
A temporary price decrease by a competitor might indicate nothing more serious than a transient need to move excess inventory. However, a trend of lowered prices may indicate that your competition is doing it to gain market share and improve production costs. It could also mean your rival is in financial trouble and has been forced to lower prices.
It's in this type of situation that rumors and gossip become helpful. If there are rumors that a company is in financial trouble and you discover price fluctuations, it's more likely that there are problems. Customer preference of products is only part of the analysis. There are internal operational factors which can provide a competitive edge as well.
Your competitors' products may not have the high quality of yours, but they might offer free delivery; or their employees might be extremely motivated and committed to gaining market share.
You need to learn how they are doing on the inside. Some factors to consider: Financial resources — Are they able to withstand financial setbacks? How are they funding new product development and improvement? Operational efficiencies — Are they able to save time and cost with clever production and delivery techniques?
Product line breadth — How easily can they increase revenues by selling related products? Strategic partnerships — What kinds of relationships do they have with other companies in terms of product development, promotion or add-on sales?
Market Share The most widely used measure of sales performance is market share. A competitor may not provide the best product or service; however, if they generate a significant amount of sales to the market, they may: Define the standards for a particular product or service.
Influence the popular perception of the product or service. Devote resources to maintaining their market share.
To determine your company's market share on a percentage basis, the following formula should be used: It will give you a clear idea of how your sales volume compares to your competition's.
If you don't have total industry sales figures you won't be able to figure out your market share, but you can still get a good idea of your competitive position by comparing the sales volume figures.
It's obvious that Company B has the largest share of your market and is your greatest competitor. Competitive Objectives and Strategies For each competitor in your analysis, you should try to identify what their market objectives are and determine what types of strategies they are using to achieve them.For many years, the editor and the grassroots contributors to this website, arteensevilla.com, have attempted to raise red flags about the year-round school calendar, noting the unintended consequences experienced by thousands of schools across the nation that tried it [Click on The Reject List at left for examples].
An important step before moving forward with a product is determining its market potential. In this lesson, you'll learn about market potential, examine a method to analyze it and read through. Unleashing the potential of FinTech in banking | 3 Executive summary The FinTech industry attracted over US$b in VC-backed investments in , about five times.
HISTORY OF LYNCHBURG, VIRGINIA The History of Lynchburg, Virginia An Overview In the mid's, the colonial village of New London in central Virginia was an important trading center, however, it was difficult to reach from northern towns (such as Charlottesville) due to the necessity of fording the Fluvanna (now James) River, which .
Automatic works cited and bibliography formatting for MLA, APA and Chicago/Turabian citation styles. Now supports 7th edition of MLA. May 28, · How to Calculate Outliers.
In this Article: Article Summary Community Q&A In statistics, an outlier is a data point that significantly differs from the other data points in a sample. Often, outliers in a data set can alert statisticians to experimental abnormalities or errors in the measurements taken, which may cause them to omit the outliers from the data set.