To know your competitors is to know your market and this is the first step towards success.

Looking at and knowing who your competitors are one of the most significant parts of business planning.  Competition exists in every field and is vital to a well functioning market economy.  It can be good for business in maintaining competitive prices and providing an incentive to consistently improve and innovate and when companies compete with each other, consumers get the best possible offerings be it price, quantity or quality meaning that both companies and consumers can benefit from competition.