Your competitors usually offer, essentially, the same goods and services as your own.

Example:

Consider retail grocery shops where every shop offers, by and large, the same product line.  To stand out from the crowd, the shop needs to differentiate themselves in the minds of the consumers. This is to bring buyers to their grocery store.

"Unique Selling Proposition" (USP) is the business term used for differentiating yourself from your competitors. If your business falls into this category, you need to think long and hard about your USP as part of your strategy. Yellow Belt.

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