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The industry
that you are operating is comprised of external factors, industry
forces, and the competitive environment. Analysis
of the Political, Economic, Social, Technological, and Natural factors
that may affect your business will help you understand your business
environment on a macro scale. Assessing the Strengths, Weaknesses,
Opportunities and Threats of your own business and those of your
competitor's will help you decide the most suitable position for
your business in its industry. Knowing the nature of your industry
and the market you are selling to will enable you to leverage your
strengths to take advantage of opportunities. It will also show
you how to minimize your weaknesses to avoid exposure to potential
threats.
Based on this
analysis of your business environment and your place within it,
you can identify what your company does better than anyone else
in its industry. This is your competitive advantage, and is the
key to a sustainable and profitable business. Your business' Unique
Value Proposition (UVP) describes your business and what problem
it is solving. A unique value proposition will ensure that your
product or service provides value to the market, and that it is
worthwhile to develop a marketing strategy for your business.
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