How to Meet the Challenge of Increasing Competition?

In today's fast changing world one of the very critical tasks of every manager is to anticipate and prepare for the increasing competition. Competition is increasing in terms of more competitors, more products, wider variety of products, better quality of products and a customer who is, today, better informed and more aware than ever before. The increasing reach and popularity of TV as a means of information has also contributed to the increasing competition. The manager today has more potential customers to sell to and easy access to these customers yet the market is crowded with many competitors wooing the same customers.

Till a decade ago, the Times of India group of newspapers and magazines reigned supreme in the magazine market with its 'Illustrated Weekly of India' being the only Indian family magazine and 'Filmfare' the only notable film magazine. The former could be found in most homes which had a minimum level of literacy and affluence.

And 'Filmfare' was the only magazine for people interested in films. The introduction of 'India Today' and 'Stardust' brought about a radical change. Starting in a modest fashion 'India Today' is probably the most widely read general interest magazine while 'Stardust' has blazed its own unique trend-setting trail of popularity. In the wake of the success of these two magazines, many other magazines followed, such as general interest magazines, film magazines, women's magazines, children's magazines, special interest magazines, etc. All these new magazines have better reading content, more colour, better layout and are very glossy and attractive to look at. Unable to match these new magazines the circulation of the 'Illustrated. Weekly of India' and 'Filmfare' slumped. However, in the last years these two magazines have been attempting to regain the lost ground and have succeeded to some measure. But they can certainly never again enjoy the leading position which they once did. In developed countries the concept of competition is very closely linked to that of obsolescence. Companies keep introducing successively new models of cars, washing machines, refrigerators etc., with minor variations, and persuading the customers to discard their older models for the newer ones.