Every business today understands that today’s marketplace is a highly competitive one and that it’s important to understand who you competition is and what they are doing to keep ahead of the game. The big question is how to keep ahead of them. The most common approach is to make sure your prices are better than theirs and if your competitor is having a sale, you immediately launch a bigger sale.
Rather than having a solid marketing plan of your own in place, this method depends almost entirely on what the “guy next door” is doing then trying to undercut him in order to hopefully get some of that business. It is certainly an easy way out, which is why so many businesses rely on using this approach. Even if you manage to do this on a fairly regular basis, you are still always one step behind your competition rather than creating your own niche and unique brand.