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You are here: Updates > October 2014 > Richmond Events' Bussiness Panel - Competition

Richmond Events' Bussiness Panel - Competition


Headline findings include:

  • On average our panel’s organizations have 14.7 competitors in the US, a further 14.5 in the Western Hemisphere and 17 throughout the wider world. 
  • Their most significant competition comes from close to home, with 89% of the panel saying it’s from within the US.  This is followed by the European Union and China / East Asia. 
  • The top 3 areas of competition that organizations face are on price, technology and quality.
  • 94% of the panel agree that competition results in better products and services which in turn results in more choice for the consumer.
  • 70% of the panel say in some instances their R&D program is based on observing what their competitors are doing.
  • Only 6% of the panel feel their organizations have been the victims of unfair competition.  However they feel 10% of their competitors have been likewise - sometimes from themselves!
  • 52% of organizations face competition from internet only businesses.
  • Over half of the panel’s organizations have successfully bought a competitor, with a further 5% trying but failing.  Only 10% have been bought themselves.
  • The top 2 reasons for an organization increasing its market share over the past 5 years are taking sales from competitors and a major product innovation / development.
For full report http://revents.info/l/6qt



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