Thank you for the opportunity to help you with your question!
1) Researching the target market and the your competitors- A good entrepreneur should research on what the market wants . He should also research the methods used by his competitors to satisfy the market and improve on them to gain a competitive advantage.
2)Use of defensive and offensive strategies-
-This can be done by forming alliance with another company and should NOT be a company that produces the same product as you. Instead, it should be a company offering you the raw materials to make the final product. You could combine advertising efforts . You can then
>increase market share by increasing the prices
> Differinciate your products from competitor peroducts through branding and packaging to attract your target market
> Offer customers services e.g free delivery
> Allow customers to say what they feel about the product
> Create new and upadted technology to allow fast services to the customers.
> Employ qualified personnel.
> Always stay competitive.
Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 18th, 2015
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