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We all have competitors. When you call on a prospect, you will likely encounter a situation where the prospect knows your competitors. In order to sell all the reasons why YOUR product or service is best for the prospect...you need to know as much as possible about your competitors. This allows you to point out the strengths and weaknesses of comparing organizations and products. Be able to explain 'why' your product is better than the rest - to solve a specific need of your client.