Week 2: The Competition (textbook pages 115-132)
Start with the pitch
Identify the categories of competitors – How any direct (daily considered), and indirect (compete for disposable income from target market).
Specific competitors, local– We are looking for at least two direct competitors (companies you compete with everyday in your market).
Other competitors, national chains – The companies everyone knows but you do not compete against directly, only for disposable income. If you don’t address them, your investors will bring them up.
Market Share Distribution for your products and services – How much of your market do you think you can grab from your competitors. Are their customers you can lure in that your competitors are ignoring?
Your advantages over the competition – What are your strengths and which of your competitors weaknesses can you exploit.
Competitive Positions – How do you match up with your competitors, profile yourself and the competitors.
Barriers to entry – What barriers will prevent outsiders from becoming competitors? Licenses, money, equipment, education, etc.
Strategic Opportunities – What niche in the market did you find that said: “I can top my competition.”
Apply content from these EBMS courses: ELP, MPD