Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out.It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
Go to exhibitions At exhibitions and trade fairs check which of your competitors are also exhibiting. Organisations and reference sources Speak to your competitors.
Phone them to ask for a copy of their brochure or get one of your staff or a friend to drop by and pick up their marketing literature.
Draw up a list of everything that you've found out about your competitors, however small.
Put the information into three categories: What you can learn from and do better If you're sure your competitors are doing something better than you, you need to respond and make some changes.
If they are an online business, ask for a trial of their service. Business websites often give much information that businesses haven't traditionally revealed - from the history of the company to biographies of the staff.
Are they getting more publicity than you, perhaps through networking or sponsoring events? Check any interactive parts of the site to see if you could improve on it for your own website. Use a search engine to track down similar products.
To determine whether a particular exclusive arrangement operates as an illegal restraint on trade, courts apply the rule of reason articulated by Justice Brandeis in , 246 U. to determine that question the court must ordinarily consider the facts peculiar to the business to which the restraint is applied; its condition before and after the restraint was imposed; the nature of the restraint and its effect, actual or probable.
Antitrust concerns related to exclusive dealing arrangements are based on the possibility that performance of the contract will foreclose competition in a substantial share of the line of commerce affected. "The true test of legality is whether the restraint imposed is such as merely regulates and perhaps thereby promotes competition or whether it is such as may suppress or even destroy competition.
With increased use of the Internet to buy goods and services and to find places to go, you are no longer just competing with your immediate neighbours.