Impact of competitors and suppliers on business
How do competitors affect pricing and market share?
Competitors can influence pricing and market share by offering similar products or services at different prices, engaging in price competition, introducing innovative pricing strategies, providing differentiated value propositions, and implementing effective marketing and promotional activities. Competitors' actions can directly impact a business's pricing decisions and market positioning.
What is the role of suppliers in the supply chain?
Suppliers play a crucial role in the supply chain as they provide the necessary inputs, materials, components, or services required for the production or delivery of goods or services. They contribute to the reliability, quality, and cost-effectiveness of the supply chain. Strong supplier relationships are important for ensuring a consistent supply of goods, timely deliveries, favorable terms, innovation, collaboration, and mutual value creation. Efficient supplier management is vital for maintaining a competitive advantage and meeting customer expectations.