Competition factor and business plan analysis

To complement your prior analysis, this week’s interviews should focus on the competition, with the interviewees being those with insights on the below questions. Your insights and plans in this competition chapter should also be informed by your primary research and secondary research. The competition chapter of the business plan to be authored this week should address:

  • Who are your major competitors? Why do you consider them to be competitors?
  • Are they direct competitors or indirect competitors (have something similar but not directly competitive)?
  • What is their history? Did they discover the same problem? Have they built/do they offer the same type of solution as yours?
  • What are your competitive strengths and weaknesses?¬†How do you compare?
  • How are they pricing their offering? How are they going to market-direct, channels, etc.? What is their marketing pitch and strategy?
  • How can you overcome their advantages?
  • Are any of them likely acquirers? If so, how can you tailor your solution to better position yourself for this outcome?

For this competition chapter, a 2-3 page single-spaced length is appropriate. Tables, graphics, and related visual tools to efficiently communicate key information is encouraged.

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Be sure to support your analysis and decisions with research and references. References may be included in APA format.

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