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Considering all the options available to your prospective customers helps you differentiate your offering and establish a sustainable competitive advantage.
Additionally, writing up your findings and including your expert insight will show your reader that you know where you stand in the marketplace and are well prepared to make your business successful. This article may not be reprinted without permission.
Look for opportunities you can exploit, such as a company that provides a good product but poor service, and threats you must look out for such as a popular feature you are unable to offer. The Competition Analysis section of your business plan needs to only be a few paragraphs.
All of the information gathering is meant to gain insight into your business so you can leverage your strengths, improve on your weaknesses, take advantage of opportunities and mitigate threats for the best possible competitive edge. Start with an outline of the competitive environment, including who your competitors are, their control of the market and any other important details your reader needs to know. You’ll be competing against established businesses, so show your reader how you’re positioning the company to compete against them.
If it’s a retail business with a physical location, such as a hair salon, use a mapping application to search for specific geographic areas.
Make a definitive list of all your competitors within a certain radius, then call research their websites or go to their locations to better understand their pricing and product strategies.