Richer Sounds - Competition

521 Words2 Pages

Competition

Competitive forces are the pressures put on a Business by other

organizations which are competing to increase their share of the same

market.

The main competitors for Richer Sounds are broken into 4 main

groups:

1. Large chain stores. E.g. Curry’s, Dixon’s and Comet

2. Small specialist shops

3. Large online electronic suppliers. E.g. QED-UK

4. Large online general supplier. E.g. Amazon and Tesco.

These Businesses’ compete in many ways. The 3 main ways are

Advertising, Lower Pricing/sales and through Market shares. With

competition like that, Richer Sounds obviously has to work hard, and

they seem to be doing well.

Richer Sounds are constantly researching the sales prices of their

competitors, so that they are able to reflect this knowledge on their

sales prices, and come up with new strategies.

I am now going to show you a SWOT Analysis I produced, for Richer

Sounds. A SWOT Analysis is basically a diagram showing the Strengths,

Weaknesses, Opportunities and Threats of a Business.

The strengths and weaknesses of a Business are internal; this means

that Richer Sounds would have control of them.

Opportunities and threats are external, this means that Richer Sounds

can not control this, but must respond to it.

Where there is a threat, there is a strength. Where there is a

weakness, there is also an opportunity.

Richer Sounds could respond to competitive forces in many ways. To

respond to these competitive forces they wou...

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