If your in business then there is a good chance you have competitors. Having a basic understanding of how you are competing with them can improve the bottom line immensely.
The bright minds at Harvard University c/- Michael Porter have turned their attention to this back in the 1980’s. Essentially in comes to to how do you want to compete (i.e. what business you are in? ) and where your competitive advantage lies (what do you do that is special?)
If your business is broad in nature vs something very specific it entails a different approach think . What approach you take depends on if you want to focus on being a cost leader or being different?
It turns out that thinking about these basic competitive strategies is pretty handy in the way you present yourself on a website too.