Finally identify any indirect or secondary

This preview shows page 5 - 7 out of 12 pages.

Finally, identify any indirect or secondary competitors which may have an impact on your business’s success. The strengths of your competitors is also competitive advantages which you, too, can provide. The strengths of your competitors may take many forms, but the most common include: An ability to satisfy customer needs A large share of the market and the consumer awareness that comes with it A good track record and reputation Solid financial resources and the subsequent staying power which that provides Key personnel Weaknesses are simply the flip side of strengths. In other words, analyze the same areas as you did before to determine what your competitor’s weaknesses are. Are they unable to satisfy their customers’ needs ?Do they have poor market penetration ?Is their track record or reputation not up to par? Do they have poor market penetration? Is their track record or reputation not up to par? Do they have limited financial resources? Can they not retain good people? All of these can be red flags for any business. If you find weak areas in your competition, be sure to find out why they are having problems. This way, you can avoid the same mistakes they have made. If your target market is not important to your competition, then you will most likely have an open field to run in if your idea is a good one. That is, at least for a while. However, if the competition is keen for your target market, be prepared to overcome some barriers. Barriers to any market might include: A high investment cost The time it takes to set up your business Changing technology The lack of quality personnel Customer resistance (I e ., long –standing relationships, brands loyalty ) Existing patents and trademarks that you can not infringe upon. Regulatory Restrictions 5
Image of page 5

Subscribe to view the full document.

The final area that you should look at as you’re researching this section is regulatory restrictions. This would include information related to current customer or governmental regulatory requirements as well as to any changes that may be upcoming in regards to regulatory requirements. Specific details that you need to find out include: the methods for meeting any of the requirements which will affect your business, the timing involved (I e. How long do you have to comply, when do the requirements go into effect, etc.), and the costs involved. Part 4: Company Description This section should include a high level look at how all of the different elements of your business fit together. The company Description section should include information about the nature of your business as well as list the primary factors that you believe will make your business a success. When defining the nature of your business (or “why” you’re in business) be sure to list the marketplace needs that you are trying to satisfy and include the ways in which you plan to satisfy these needs using your products or services. Finally, list the specific individuals and/or organizations that you have identified as having these needs.
Image of page 6
Image of page 7

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern