Richer Sounds - Competition Essay -- Business and Management Studies

CompetitionCompetitive forces are the pressures put on a product line by otherorganizations which are competing to increase their share of the samemarket.The main competitors for Richer Sounds are broken into 4 maingroups 1. Large chain stores. E.g. grooms, Dixons and Comet2. Small specialist shops3. Large online electronic suppliers. E.g. QED-UK4. Large online cosmopolitan supplier. E.g. Amazon and Tesco.These Businesses compete in many shipway. The 3 main ways areAdvertising, Lower Pricing/sales and through Market shares. With contest like that, Richer Sounds obviously has to work hard, andthey seem to be doing well.Richer Sounds are evermore researching the sales prices of theircompetitors, so that they are able to reflect this k outrightledge on theirsales prices, and come up with new strategies.I am now going to show you a SWOT Analysis I produced, for RicherSounds. A SWOT Analysis is basically a diagram showing the Strengths,Weaknesses, Opportunities and Threats of a Busin ess.The strengths and weaknesses of a Business are internal this meansthat Richer Sounds would have direct of them.Opportunities and threats are external, this means that Richer Soundscan not control this, but essential act to it.Where there is a threat, there is a strength. Where there is aweakness, there is also an opportunity.Richer Sounds could respond to competitive forces in many ways. Torespond to these competitive forces they wou...