You will perform a competitive analysis for your start-up business concept. Use both of the formats of visual comparison that in the Power point, along with a full 4P analysis of who you see as your
competitor, culminating in their main strengths and weaknesses. Finally, identify any gaps that you see in the market based on your analysis. You should include at least four direct or indirect competitors.
Block Three: Competitors
Overview of Block Three
Ã¢â‚¬Â¢ NOT a full idea of the concept of competition in general
Ã¢â‚¬Â¢ Short review of direct and indirect competition in context of how people
solve problems now.
Ã¢â‚¬Â¢ Discussion of competitive analysis
Ã¢â‚¬Â¢ What gets compared
Ã¢â‚¬Â¢ Comparison formats
Ã¢â‚¬Â¢ Uses of comparison
Ã¢â‚¬Â¢ Best view of competition isnÃ¢â‚¬â„¢t Ã¢â‚¬ËœWhat other companies are out there doing
the same thing IÃ¢â‚¬â„¢m doing,Ã¢â‚¬â„¢ itÃ¢â‚¬â„¢s Ã¢â‚¬Ëœhow are people solving problems now and
where do I fit?Ã¢â‚¬â„¢
Ã¢â‚¬Â¢ Other companies that are doing more or less what youÃ¢â‚¬â„¢re doing.
Ã¢â‚¬Â¢ Likely small differences in product lines, prices, messages, markets, etc.
Ã¢â‚¬Â¢ Relatively easy to identify and analyze
Ã¢â‚¬Â¢ Slightly more obscure
Ã¢â‚¬Â¢ How people are solving their problems now
Ã¢â‚¬Â¢ Harder to identify, needs a customer-focused analysis lens
How to compare?
Ã¢â‚¬Â¢ 4Ps (current state)
Ã¢â‚¬Â¢ Value prop
Ã¢â‚¬Â¢ Potential for growth
Ã¢â‚¬Â¢ How novel is your business model
Ã¢â‚¬Â¢ Note: not your idea, your model
Ã¢â‚¬Â¢ Gaps in the market?
Ã¢â‚¬Â¢ What will you need to do to compete?
Ã¢â‚¬Â¢ What kind of marketing is used?
Ã¢â‚¬Â¢ How Ã¢â‚¬ËœmodernÃ¢â‚¬â„¢ is the industry?
Ã¢â‚¬Â¢ New markets can get away with old-style marketing
Ã¢â‚¬Â¢ Old markets may require innovative/micro-segmented marketing
Ã¢â‚¬Â¢ Barriers to entry Ã¢â‚¬â€œ how secure are you?
Uses of Comparison
Ã¢â‚¬Â¢ Internal strategy decisions
Ã¢â‚¬Â¢ Be as honest as your data allows
Ã¢â‚¬Â¢ External reasons (e.g. getting investment, funding, partnership)
Ã¢â‚¬Â¢ Generally show competitive comparison as favorably as data allows
Block Three Deliverable
You will perform a competitive analysis for your start-up business concept. Use both of the formats of
visual comparison that I included in my video, along with a full 4P analysis of who you see as your closest
competitor, culminating in their main strengths and weaknesses. Finally, identify any gaps that you see in
the market based on your analysis. You should include at least four direct or indirect competitors.
Five pages max, including your visual representations. You can include your reference page as an
additional page if you need to. Feel free to summarize important info using bullet points, photos, charts,
etc. if thatÃ¢â‚¬â„¢s the most efficient format for the information.
Comparative Value Graph
Value Proposition Comparison Table
Main competitor analysis
Note on grammar/spelling/etc.: From this deliverable onward, this wonÃ¢â‚¬â„¢t be a component of the grade
for a deliverable, but you will lose points if itÃ¢â‚¬â„¢s not at an acceptable standard. In other words, you donÃ¢â‚¬â„¢t
Ã¢â‚¬ËœgetÃ¢â‚¬â„¢ 2 points for having proper grammar for this deliverable, but if you submit something that hasnÃ¢â‚¬â„¢t
been proofread, youÃ¢â‚¬â„¢ll lose 2 points.
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