Two pitfalls in business competition

There are several pitfalls in business competition. But two of these could lead to major disasters: misinterpretation and misunderstanding. Here is a short preview:

Misinterpretation is basically about words, phrases or statements made most of the time orally or in press releases issued by firms. This borders between informal to formal circumstances. As it happens most of the time the originator is not challenged promptly to explain what he has really meant.

Receiver is pushed into dark and presume the meaning of the utterance according to his viewpoint and/or perception. He looks at the texture, words meaning implied rather than what precisely conveyed in essence. Here comes the trouble. Relying over misinterpretation sinking in, firm would probably make moves that could lead to further cloudy thinking resulting ultimately in a wrong or unwarranted action that gives away the trust which has been built so far in business relationship with the originator.

A good example is the originator in a press conference alludes to your firm as a partner ‘who counts profit more than long term alliance’.

Misunderstanding is more about conduct and less about facts, except when these facts are presented in a manner that has potential to lead you to misty thinking. Put it in another way, the style of presentation rather than the content itself abrades you. As regards to conduct, a good example is your collaborator in public forum pats on the shoulders of the officials of a company whom you consider as a mortal enemy.

‘Facts are sacred while criticism is free’ goes the adage. The chance of misunderstanding occurs when your opponent publishes vital statistics of product and market share of your industry. He innocently alternates your precise market share to another player and imputes his one onto you. You take umbrage of this error & omission. Promptly your opponent admits mistake and expresses his regret and urges you to close the matter. You misunderstand his apology as somewhat not genuine and wishes to wreak revenge at the next opportune time when you can settle the score.

Your misunderstanding has a toll upon you in your relationship with not only your competitor but within the length and breadth of the market. Whereas the opponent has moved on, you are still smarting about this incident!  

 

Cheers!

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail: cosmicgems@gmail.com

Blog:   Business Strategist