Hi everybody
What are the differences between direct, indirect and potential competitors?
Many thanks.
Competitors
Re: Competitors
Direct Competition
Multiple businesses offering similar products and services create direct competition. Burger King and McDonald's are direct competitors. So are the grocery store bakery and the patisserie on the same street.
Indirect Competition
Indirect competitors are businesses that offer slightly different products and services, but target the same group of customers with the goal of satisfying the same need. These are sometimes also known as substitutes.
Multiple businesses offering similar products and services create direct competition. Burger King and McDonald's are direct competitors. So are the grocery store bakery and the patisserie on the same street.
Indirect Competition
Indirect competitors are businesses that offer slightly different products and services, but target the same group of customers with the goal of satisfying the same need. These are sometimes also known as substitutes.