Who are the competitors?
Competition is very important in a market where it can help businesses to grow and find more opportunities for expansion and more quality products and services. There are already existing and more established companies in our market since our concept is already existing and most of the general public uses this kind of services in almost everyday of their life. As a startup trying to enter the market where this established companies is already competing with each other, take note not just a company, but multiple companies.
For this we need to have a great strategy on how we can compete with those established brands, as a team we really need to be composed and dedicated. It is important for us to really find that uniqueness that we have compared to those existing products, with our unique features it is considered as our edge from those companies. In our case Grab Food, Food Panda is considered as our competitors since we offer similar services to the customers, also included in our competitors is the homegrown Streetby. Although we display different products in our platforms, but still we offer the same services to the customers. The existing users of their platform can be our potential first customers because they are more familiar with this kind of service and that's why it is really important that we have our unique characteristics from the existing platforms.
In this week's discussion, Sir Franch really emphasized the importance of the uniqueness of our products because this can transcend us and gives us superiority to our competitors. There are a lot of insights that I gain from the discussion regarding creating competitive advantage. With this week's activity we were able to really know the unique features of our products that can potentially gives us an edge towards our competitors.