Once you identify your target market, you must determine who your direct competition is and what they are doing to advertise to the market. Many entrepreneurs misidentify their direct competition. For example, if you are working on a sportswear line, you may think that Nike or Under Armour is your direct competition. This is not correct. Nike and Under Armour may be competition; however, your direct competition are those companies that are small like you and looking to enter (or already in) the market. (Remember, Nike may look at you like a gnat, too small for them to be concerned with.)
For this discussion, address the following:
- Evaluate at least two direct competitors for your business venture.
- Assess the marketing used by the companies.
- Determine what marketing ideas used by the companies could be applied and used in your business venture.
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