What are the factors to consider in identifying potential competitor?

Essay:

There are many factors to be considered in identifying potential competitors especially in the
field of business and/or marketing strategies. Yet the author would like to classify it into three (3)
distinct classifications or even categorizations, such as, first and foremost; (a) related business
industries, second; (b) growing capitalistic companies, third; (c) governmental delimitations. These are
the categorizations which in identifying the potential competitors, the approach of such identification is
in accordance to the writings of Sun Tsu which was referred to the “Art of War’ and is now commonly
used by Business strategists for Business plans and Marketing administrations. Before discussing the
factors mentioned above, let me expound the phrase “know yourself and know your enemy”, as the
core statement in the art of war of Sun Tsu that is considered the best business plan.

Related Business Industries

In identifying potential competitors, with regards to knowing your enemy and as well knowing
yourself, to know the nature of business and its related businesses, the most fundamental competitors
in the business world is the business which have had similar business industries. For instance, food
service industries are somehow related to food businesses, this gives us the conception that they are
similar however, the main point is they are different in nature especially in modern era. Food service
industry works in a very different manner, it only entails the services that assure the quality of services
offered while food business talks about the variety of tastes that could and would be offered. All in all,
the identification of business industry as well as identifying whether or not the business is a potential
competitor resides on the nature of the business of nature.

Growing Capitalistic Companies

Though other might think growing capitalism as a potential competitor in a free trade. Well, in
my perspective, this “others” might be wrong. We have a free trade and as in accordance to the first
identification which states that knowing thyself and knowing thy enemy, knowing the nature of the
game is as well part of the strategy. Some of these companies might somehow be related to the
business and could deal a problematic encounter in the near future. That is why, Greenwich and Mang
Inasal, were bought by Jollibee Corporation. That is to say that, bought did not determine the nature of
the game beforehand.

Governmental Delimitations

A good business knows how to abide the law. Taxations, safety and security, hygiene protocols,
labor code, etc., these are just examples of millions of governmental delimitations a business could
encounter. That is why the author as well decided to include this one to one of the classified identifying
factors of potential competitors. Well in this case, if this factor be neglected, someday it could as well be
the reason behind of closure. To avoid such dilemma, the author suggest to widened understanding with
regards to the abidance and obedience to the rule of law especially in the engagement of business
processes.