Answer to Question #280459 in Finance for Jabs

Question

Why should the competitive environment be considered when evaluating personal selling strategies?

Answer 1

Through considering the competitive environment, the firm is able to get;

• A better understanding of the market that they operate in
• Target customers and identify prospects
• Informed forecasting of the potential for the market
• Insights into how the economic climate affects the market
• A better understanding of what products and services competitors are offering
• Insights into how competitors are pricing products and services

Through this, they re able to capitalize on the weaknesses of their competitors, and hone in on their own unique strengths.