In Sun Tze’s Art of War, he preaches that we should always assume that there is an enemy force waiting to attack even though the General is fully aware that there is none lurking at the moment. This assumption will keep his troops on the alert 24 hours a day so even if there is an unexpected attack, they are well prepared.
In business, even if we know that we are monopolising the field that we are in, we should also always assume that there is a competitor out there. In believing this assumption, we will always be on our toes. Business can only improve if we are on our toes.
Price reasonably – In assuming that there is a competitor, we will be forced to price our good reasonably. Imagine that we have to compete for customers. An item priced at cut throat price is definitely not good for business.
Friendly Service< – We will always maintain a friendly smile for our customers if we believe that they will run to our competitor if we don’t treat them courteously. </b>
Good After Sales Services– Imagining that your competitor will serve your customers more diligently than you will make you want to give value added services like after sales services.
Pleasant Display; In our bid to attract more customers we will always display our goods pleasantly.
These are the few things that we do if there are competitors present and we don’t want to loose out to them. However, many a times, arrogance sets into the mind of a businessmen who monopolizes some trades. They developed a “take it of leave it” attitude because they know that their customers have no other places to go. That is a very dangerous path to thread in the world of business. For all they know, they might wake up tomorrow and see a different shop selling that same items as them. Then it will be too late to wrest all those disgruntled customers back.