Question & Answer: Discuss the advantages of having expert knowledge of competition and industry trends of your industry….

Expert Answer

Having knowledge of competition and industry trends of your industry has its own inherent advantage as it would enable the person to inside out view of the industry in detail than a common person. This special industry knowledge will definitely assists in the performance and the growth of the business and thus serving potential advantage vis-à-vis the competitors, who are less updated about the industry trends. Though, it is equally important to have diversified knowledge and perspective on various industry, having a deep understanding of a given industry also make more special especially in a niche business sectors of the economy.

It enables the person as an enlightened individual during the discussions both in personal and professional setting. These business insights on specific industry and/or function will act as a key differentiator in variety of circumstances thus improving the scope for personal selling as well.