Read the article "20 Proven Reasons Why Competition Is Good", choose two reasons and say if you agree or disagree (and add what this might mean for your innovation project).
This is an individual task - for every meaningful comment on your peers´ entries you can earn 2 more points.
Kind regards
Dagmar
Kommentar schreiben
Dominik Tamm (Samstag, 04 April 2020 14:16)
1.) Reminds You to Focus on Your Key Customers
I totally agree with this statement because it is very important to focus on the key users and consider what their requirements are. Key users are the most important customers and should not be taken for granted. It should always be surveyed whether they have changed the customer wishes and how satisfied they are with your products.
In the specific case of our tattoo machine with air cooling ,which we want to sell to tattoo artists, it is important to note what the requirements of the tattoo artists are.
For the customers the tattoo machine only must have the advantge to cause no pain. For the tattoo artist, the tattoo machine must be easy to clean and have a good handling too.
2.) Helps Grow Your Business and Market
Strong competition can definitely help your business, because they keep you on your toes. Especially today it is important not to rest on one's laurels, because tomorrow the situation could be completely different. You should always keep an eye on your competitors and your rivals and react immediately to various changes.
If our tattoo machine with air cooling is accepted by the market and we are successful with it, our machine and the technology will certainly be copied on the chinese market. This is why we should patent our technology as quickly as possible and always keep a close eye on our competitors' products. Should a competitor add additional functions, we should definitely follow suit in order to remain the market leader.
BR Dominik
Markus H. (Samstag, 04 April 2020 15:18)
9. Helps Your Strength and Weaknesses
From my point of view this statement is very useful because every entrepreneur should know his strengths and weaknesses but also his chances and risks. We as a team also carried out a SWOT-Analysis to identify the strengths, weaknesses, opportunities and threats of our innovation project.
10.Stops complacency
I totally agree with this statement. In my opinion it’s very important for company founders to leave the own comfort zone and convince with performance. The company should have a Unique Selling Proposition.
Philip Fraß (Samstag, 04 April 2020 16:00)
1.) It makes your customer service better.
I have to agree with this claim, because it is very important to focus on customer service and also the additional service you offer to your customer. This decides whether he buys at your store again or not. If the service in general is very good, it is more likely that customers tell their friends and family about your product.
For our innovation project, the ideal desk, this is a very important point, as it needs service and some help to set all the components up inside the desk, to make the pc work.
2.)Provides ideas you can adapt for your products or services.
Sometimes it can also give you an advantage, if you adapt same features of your competitors. But you need to be careful, to not copy them and keep your companies identity.
In our specific case, we can try to adapt some of the competitors cooling and exchange solutions into our desk. But it should not change its appearance, to still look like an ordinary desk.
Greetings Philip
Julia Daum (Samstag, 04 April 2020 16:43)
11. Consumers benefit from competition:
I totally agree with statement number 11, because if the costumer can chose between different suppliers, the companies will defenitely put more effort in costumer relationship.
That's going to become pretty tough for our product, because it is quite difficult to have a USP in waste disposal. We don't have a lot of personal ressources either.
16. Helps You Work Smarter
I also agree with statement number 16. It is defenitely necessary to speed up the development processes, because if you are not able to gain a patent, there might be a competitor who will enter the market first.
Well, that's unfortunately a big disadvantage for our product. We will not be able to gain a patent, because the technology is already prior art.
Dominique Peißl (Montag, 06 April 2020 09:38)
Hi all,
14.) Provides ideas you can adapt for your products or services:
In my opinion, a competitive comparison is absolutely necessary in the early phase of product development in order to know who you will be dealing with on the market in the future. At the same time, sales/service strategies for your own product/company can be derived from existing products. Possibly one recognises a potential for improvement, which one can then use to one's advantage. Or you can derive best practices for the manufacturing process, for example.
16.) Helps you work smarter:
I totally agree on this statement as time is simply money. One of our project’s biggest problem is the assembly process which is very time-consuming at the moment. In order to save production costs, it is necessary to optimize the production process, which in turn enables a lower sales price to be competitive with our competitors.
Stay safe and kind regards,
Dominique
Lukas Allmer (Montag, 06 April 2020 15:16)
2. Innovation Is Fostered
I totally agree with that statement because of companies with a lot of innovations have a unique selling proposition (USP) against their competitors. That is why we try to generate a USP for our innovation project.
4.Competition is good For Consumers
I agree with this, too. If there are more companies/people who sell food, for example, we as consumers get the food cheaper because ever company/person wants that we buy our food from them.
Regina S. (Montag, 06 April 2020 15:58)
1. It Makes Your Customer Service Better
I support this statement because typically price or product offerings are often seen as competitive advantages, but another aspect of the business that could get a company a significant competitive boost is customer service.
For our innovation project an excellent customer service is very important, because if the product does not work properly, we must ensure that someone fixes the issue within 24 hours.
4. Competition is good For Consumers
I can agree that competition in the marketplace is good for consumers and good for business, because competition from many different companies is the basis of a free economy.
As far as we know, there is no competitor on the market yet, but we expect that some competitor will follow with a similar product or concept soon. Our target customers are municipalities which replaces the bin for organic waste by our innovative BioButler.
Dagmar for Dominik T. (Montag, 06 April 2020 16:50)
1.) Reminds You to Focus on Your Key Customers
I totally agree with this statement because it is very important to focus on the key users and consider what their requirements are. Key users are the most important customers and should not be taken for granted. It should always be surveyed whether they have changed the customer wishes and how satisfied they are with your products. AND HOW CAN YOU DO THIS?
In the specific case of our tattoo machine with air cooling ,which we want to sell to tattoo artists, it is important to note what the requirements of the tattoo artists are.
For the customers the tattoo machine only must have the advantAge to cause no pain. For the tattoo artist, the tattoo machine must be easy to clean and have a good handling, too. SO TWO/THREE VERY DIFFERENT REQUIREMENTS, WHICH MAKES THIS INNOVATION QUITE INTERESTING ...
2.) Helps Grow Your Business and Market
Strong competition can definitely help your business, because they keep you on your toes. Especially today it is important not to rest on one's laurels, because tomorrow the situation could be completely different. You should always keep an eye on your competitors and your rivals and react immediately to various changes. I AGREE!
If our tattoo machine with air cooling is accepted by the market and we are successful with it, our machine and the technology will certainly be copied on the Chinese market. This is why we should patent our technology as quickly as possible and always keep a close eye on our competitors' products. Should a competitor add additional functions, we should definitely follow suit in order to remain the market leader.
WELL ANSWERED AND VERY GOOD USE OF VOCAB! EXCELLENT JOB!
Dagmar for Markus H. (Montag, 06 April 2020 16:52)
9. Helps Your Strength and Weaknesses
From my point of view this statement is very useful because every entrepreneur should know his strengths and weaknesses but also his chances and risks. We as a team also carried out a SWOT-Analysis to identify the strengths, weaknesses, opportunities and threats of our innovation project. AND WHAT ARE THEY?
10.Stops complacency
I totally agree with this statement. In my opinion it’s very important for company founders to leave theIR own comfort zone and convince with performance. The company should have a Unique Selling Proposition. HOW ABOU THE UPS OF YOUR COMPANY / PRODUCT?
OKAY, BUT YOU SHOULD HAVE REFERRED TO YOUR INNOVATION PROJECT A BIT MORE ...
Dagmar for Philip F. (Montag, 06 April 2020 17:12)
1.) It makes your customer service better.
I have to agree with this claim, because it is very important to focus on customer service and also the additional service you offer to your customer. This decides whether he buys at your store again or not. I TOTALLY AGREE. If the service in general is very good, it is more likely that customers tell their friends and family about your product. YES, THIS IS CALLED WORD OF MOUTH.
For our innovation project, the ideal desk, this is a very important point, as it needs service and some help to set all the components up inside the desk, to make the PC work.
2.)Provides ideas you can adapt for your products or services.
Sometimes it can also give you an advantage, if you adOpt sOme features of your competitors (OR; IF YOU ADAPT YOUR PRODUCTS TO YOUR COMPETITORS´ PRODUCTS. IS THIS WHAT YOU WANT TO SAY?). But you need to be careful, to not copy them and keep your companies => COMPANY´S identity.
In our specific case, we can try to adapt (ADD ...TO) some of the competitors´ cooling and exchange solutions into our desk. But it should not change its appearance, to still look like an ordinary desk.
WELL DONE!
Dagmar for Julia D. (Montag, 06 April 2020 17:25)
11. Consumers benefit from competition:
I totally agree with statement number 11, because if the cUstOmer can choOse between different suppliers, the companies will defInitely put more effort in cUstOmer relationship. (SPELLING!)
That's going to become pretty tough for our product, because it is quite difficult to have a USP in waste disposal. WHY IS THAT? We don't have a lot of personal ressources PERSONNEL RESOURCES (SPELLING) either.
16. Helps You Work Smarter
I also agree with statement number 16. It is defInitely necessary to speed up the development processes, because if you are not able to gain (OBTAIN) a patent, there might be a competitor who will enter the market first.
Well, that's unfortunately a big disadvantage for our product. We will not be able to gain (FILE FOR, APPLY FOR, OBTAIN) a patent, because the technology is already prior art. IS THERE ANYTHING YOU CAN DO ABOUT THIS?
GOOD!
Dagmar for Dominique P. (Montag, 06 April 2020 18:09)
Hi all,
14.) Provides ideas you can adapt for your products or services:
In my opinion, a competitive comparison is absolutely necessary in the early phase of product development in order to know who you will be dealing with on the market in the future. At the same time, sales/service strategies for your own product/company can be derived from existing products. Possibly one recognises a potential for improvement, which one can then use to one's advantage. Or you can derive best practices for the manufacturing process, for example.
16.) Helps you work smarter:
I totally agree on (TO) this statement as time is simply money. One of our project’s biggest problem is the assembly process which is very time-consuming at the moment. In order to save production costs, it is necessary to optimize the production process, which in turn enables a lower sales price to be competitive with our competitors.
WELL DONE! GOOD ANSWERS AND GOOD USE OF LANGUAGE. HOWEVER, YOU COULD HAVE REFERRED TO YOUR OWN PROJECT A BIT MORE ...
KIND REGARDS
DAGMAR
Dagmar for Lukas A. (Montag, 06 April 2020 18:11)
2. Innovation Is Fostered
I totally agree with that statement because (of) companies with a lot of innovations have a unique selling proposition (USP) against their competitors. That is why we try to generate a USP for our innovation project. CAN YOU DESCRIBE IT?
4.Competition is good For Consumers
I agree with this, too. If there are more companies/people who sell food, for example, we as consumers get the food cheaper because ever company/person wants that we buy our food from them. AND HOW CAN THIS BE APPLIED TO YOUR PRODUCT?
GOOD, BUT YOU COULD HAVE TALKED ABOUT YOUR PROJECT A BIT MORE ...
Dagmar for Regina S. (Montag, 06 April 2020 18:16)
1. It Makes Your Customer Service Better
I support this statement because typically price or product offerings are often seen as competitive advantages, but another aspect of the business that could get a company a significant competitive boost is customer service.
For our innovation project an excellent customer service is very important, because if the product does not work properly, we must ensure that someone fixes the issue within 24 hours. I UNDERSTAND ...
4. Competition is good For Consumers
I can agree that competition in the marketplace is good for consumers and good for business, because competition from many different companies is the basis of a free economy.
As far as we know, there is no competitor on the market yet, but we expect that some competitor will follow with a similar product or concept soon. Our target customers are municipalities which replace(s) the bin for organic waste by our innovative BioButler.
WELL DONE!
Sandro Wallner (Montag, 06 April 2020 21:04)
10. Competition stops complacency
Marcel Hirscher once said in a TV interview that he can only train so hard because he knows very well that he has to do it to be faster than his competitors. Without this motivation he could not push himself to his performance limit every day.
It is in the nature of man to be lazy. I think competition helps us to overcome this laziness.
For our innovation project, this means that we should conduct a competitive analysis and regularly compare our Key Performance Indicators with those of our competitors.
19. It Improves Your Employees
I would agree with this statement and add that many companies also like to hire employees from competing companies, as they can provide not only the necessary industry knowledge but also a lot of input on the internal processes and strategies of the competitor.
For our innovation project, this means that we should attend relevant networking events in order to poach employees from competitors.
Alexandra König (Montag, 06 April 2020 21:14)
13. Provides an alternative for customers who are not a good fit for your business.
My opinion to this reason is: Why not! It can definitely make sense to send customers who may be looking for another similar product, or who do not fit into the target group, to your competitor. This builds trust and creates a relationship with the customer, who may already be buying from my company next time because he knows that I am not lying to him. It does not necessarily apply to our project at this point because Wochenende don´t have any actual customers yet.
18. It Gives Room for Learning.
I agree with this point because it is very important to learn from your competitors. I think that this is the only way to expand knowledge, because never before has a company researched and developed everything on its own. That's why it's so important to also try to build partnerships.
For our project we can learn from this to communicate with other manufacturers and simply ask them if we don't know what to do or how to do.
Dagmar for Sandro W. (Dienstag, 07 April 2020 09:18)
10. Competition stops complacency
Marcel Hirscher once said in a TV interview that he can only train so hard because he knows very well that he has to do it to be faster than his competitors. Without this motivation he could not push himself to his performance limit every day.
It is in the nature of man to be lazy. I think competition helps us to overcome this laziness.
For our innovation project, this means that we should conduct a competitive analysis and regularly compare our Key Performance Indicators with those of our competitors.
OKAY!
19. It Improves Your Employees
I would agree with this statement and add that many companies also like to hire employees from competing companies, as they can provide not only the necessary industry knowledge but also a lot of input on the internal processes and strategies of the competitor. WHAT ABOUT NON-COMPETE AGREEMENTS?
For our innovation project, this means that we should attend relevant networking events in order to poach employees from competitors.
GOOD!
Dagmar for Alexandra K. (Dienstag, 07 April 2020 09:21)
13. Provides an alternative for customers who are not a good fit for your business.
My opinion to this reason is: Why not! It can definitely make sense to send customers who may be looking for another similar product, or who do not fit into the target group, to your competitor. This builds trust and creates a relationship with the customer, who may already be buying from my company next time because he knows that I am not lying to him. It does not necessarily apply to our project at this point because Wochenende don´t have any actual customers yet. WOCHENENDE? I THOUGHT YOUR PRODUCT WAS PILLIE?
18. It Gives Room for Learning.
I agree with this point because it is very important to learn from your competitors. I think that this is the only way to expand knowledge, because never before has a company researched and developed everything on its own. That's why it's so important to also try to build partnerships.
For our project we can learn from this to communicate with other manufacturers and simply ask them if we don't know what to do or how to do. AND WHO WOULD OTHER MANUFACTURERS BE?
WELL DONE!
Christoph Zemanek (Mittwoch, 08 April 2020 11:17)
Hi Dagmar,
2. Innovation Is Fostered
I fully agree that competition with other companies is a key factor in encouraging innovation in a company to come up with new innovations. Without competition, innovation will certainly not be at the same high level as with competition. Only through competition do we know whether my innovation will have an impact on the market. If you are alone on the market, you don't know if my product is good enough.
19. It Improves Your Employees
I fully agree with this argument. According to the motto "learning from the best", it is always important for employees to learn from others in order to generate new ideas and also to improve their working methods. It is only through this competition that employees can learn in different situations, especially if they have never had situations in their company before, but the competitor has.
And last but not least, you can say that you never stop learning.
Kind Regards
Christoph
Christian Neuwirth (Mittwoch, 08 April 2020 17:36)
Hi Dagmar
4. Competition is good For Consumers
I fully agree with the statement that competition is good for the consumer. Our innovation project is a good example of this.
In our search for comparable models for an "ideal office desk" we only came across the following offers:
○ "Stir" table: 4.600€, Computer Apple iMac
○ "Lian" desktop case: 1.490€, without computer
Due to our thorough price calculation, our model with a built-in computer came to a price of 2 700 €.
On this basis, the consumer gets the opportunity to choose the model with the best price-performance.
7. Makes Way for Creative Thinking
It goes without saying for me that competition makes way for creative thinking.
Beyond doubt, this fact promotes the search for optimal solutions to a problem.
During our project work, it was a particular challenge to find a good solution for the cable installation. But this wasn’t the only problem that demanded a creative solution. The ventilated substructure and the installation of the computer were also a challenge.
Our team is convinced that they have found competent solutions for these problems.
Best reagrds
Christian
Dagmar for Christoph Z. (Donnerstag, 09 April 2020 07:45)
Hi Dagmar,
2. Innovation Is Fostered
I fully agree that competition with other companies is a key factor in encouraging innovation in a company to come up with new innovations. Without competition, innovation will certainly not be at the same high level as with competition. Only through competition do we know whether my innovation will have an impact on the market. If you are alone on the market, you don't know if my YOUR product is good enough. AND WHAT ABOUT YOUR INNOVATION PROJECT. ARE YOU ALONE ON THE MARKET?
19. It Improves Your Employees
I fully agree with this argument. According to the motto "learning from the best", it is always important for employees to learn from others in order to generate new ideas and also to improve their working methods. It is only through this competition that employees can learn in different situations, especially if they have never had situations in their company before, but the competitor has.
And last but not least, you can say that you never stop learning.
I TOTALLY AGREE!
YOUR POST IS WELL-WRITTEN AND YOU´VE USED GOOD ARGUMENTS. HOWEVER, YOU SHOULD HAVE REFERRED TO YOUR INNOVATION PROJECT A BIT MORE ...
Dagmar for Christian N. (Donnerstag, 09 April 2020 07:46)
4. Competition is good For Consumers
I fully agree with the statement that competition is good for the consumer. Our innovation project is a good example of this.
In our search for comparable models for an "ideal office desk" we only came across the following offers:
○ "Stir" table: 4.600€, Computer Apple iMac
○ "Lian" desktop case: 1.490€, without computer
Due to our thorough price calculation, our model with a built-in computer came to a price of 2 700 €.
On this basis, the consumer gets the opportunity to choose the model with the best price-performance. OKAY ..
7. Makes Way for Creative Thinking
It goes without saying for me that competition makes way for creative thinking.
Beyond doubt, this fact promotes the search for optimal solutions to a problem.
During our project work, it was a particular challenge to find a good solution for the cable installation. But this wasn’t the only problem that demanded a creative solution. The ventilated substructure and the installation of the computer were also a challenge.
Our team is convinced that they have found competent solutions for these problems.
VERY WELL DONE!
Lukas Maierhofer (Samstag, 11 April 2020 17:22)
1. Competition is good For Consumers
I can only strongly agree with this statement, if more suppliers are active in a similar segment, then there will be more advertising for this product group and you can profit from it as a competitor. Of course, competition always helps customers, too. For our innovation project we could not identify any direct competitor product. Therefore it can happen as described above that there is not enough advertising for this product group of wildlife protection sensors.
2.. Provides ideas you can adapt for your products or services
I can only fully agree with this statement. A very helpful tool for this is a patent analysis, which we plan to carry out for our innovation project.. A first short patent analysis has given us a new aspect for the project, through a communication platform from Mercedes external devices can communicate with the cars, maybe this is an idea for our wild protection system.
Lukas Maierhofer for Markus Halbwirth (Samstag, 11 April 2020 17:28)
10.Stops complacency
Here I can only agree with Markus - a good USP is a main criterion for a company's success, and our innovation project has a very strong USP.
@ Dagmar on the USP question of our product:
Our USP is that we compose a motion sensor with an ultrasonic sensor and the whole product can be mounted on a road post. Such a combination is not yet available on the market.
BR Lukas
Dagmar for Lukas M. (Dienstag, 14 April 2020 09:18)
1. Competition is good For Consumers
I can only strongly agree with this statement, if more suppliers are active in a similar segment, then there will be more advertising for this product group and you can profit from it as a competitor. Of course, competition always helps customers, too. For our innovation project we could not identify any direct competitor product. Therefore it can happen as described above that there is not enough advertising for this product group of wildlife protection sensors. I SEE - YOU WOULD NEED SOMEONE TO SUPPORT YOUR PRODUCT; FOR EXAMPLE THE MINISTRY OF AGRICULTURE OR THE HUNTERS´ ASSOCIATION ...
2.. Provides ideas you can adapt for your products or services
I can only fully agree with this statement. A very helpful tool for this is a patent analysis, which we plan to carry out for our innovation project.. A first short patent analysis has given us a new aspect for the project, through a communication platform from Mercedes external devices can communicate with the cars, maybe this is an idea for our wild protection system. SOUNDS INTERESTING.
Dagmar for Lukas M. (Dienstag, 14 April 2020 09:37)
10.Stops complacency
Here I can only agree with Markus - a good USP is a main criterion for a company's success, and our innovation project has a very strong USP.
@ Dagmar on the USP question of our product:
Our USP is that we compose a motion sensor with an ultrasonic sensor and the whole product can be mounted on a road post. Such a combination is not yet available on the market. THANKS! SOUNDS LIKE A VERY GOOD IDEA - HOW DOES THE ROAD POST TELL THE DRIVERS THAT DEER IS NEAR? CHANGING COLOURS?