knowing your competition is smart business

We can see that year after year, a large number of new businesses are being established for a wide range of products and services. Some businesses succeed, while others may not be fortunate enough to succeed or may not know how to deal with business pressures.

Let's look at some of the business pressures that every organisation should be aware of in order to overcome and solve their problems.

Market pressures

First, market pressures may arise from customer demand, a shift in the nature of the workforce, or intense competition with other companies all over the world. Now that information about products and services is easily accessible via the internet, customers can search for the best product or service that will meet their needs. As a result, the business organisation must understand not only how to attract customers, but also how to keep them loyal to your brand's products or services. Relationships with customers are critical because businesses need to know what their customers want and what is in demand. Furthermore, because technology has made global communication easier, competition may now come from globalisation rather than just localization.

Technology pressures

With the assistance of technology such as machines, robots, or other advanced technologies, product production becomes easier and more quality. Thus, if the business lacks in terms of technology, it may be difficult to overcome the pressures because it may require more cost or time to produce the products, or the quality may not be as good as competitors' products that use modern technologies in their production. Another technological pressure that business organisations must overcome is information overload. Businesses must understand how to analyse information obtained from a variety of internet sources. The information can assist them in analysing the business's trend or in knowing what is trending now so that the business can move with the trend. This is easily accomplished by utilising software or applications that may aid in the analysis of the data.

Societal/Political/Legal pressures

Legal or political pressure can include government regulation/deregulation, terrorism prevention, ethical concerns, and other issues. For social pressures, examples include the need to be environmentally friendly, social responsibility such as giving a donation or making a contribution to society, and social problems such as the digital divide. For your information, the digital divide is a social problem in which some areas or communities do not have access to the internet or communication. This is still prevalent in rural countries or areas.

"It's good to have high-quality competition; it helps drive research forward at a faster pace." - Shuji Nakamura, engineer and inventor

This article discusses six strategies for bridging the digital divide:

1. Governments Need to Improve Affordability of Digital Resources

2. Digital Skills Acquisition and Empowerment for Schools, Teachers, and Students

3. Digital Literacy Awareness 

4. Inclusion of Local Languages in Education Content Creation 

5. Improving Opportunities for Learners With Disabilities

6. Addressing the Gender Digital Divide

Click the link for more information.