I’m working on a business plans report and need a reference to help me understand better.
Your competitive analysis doesnt have to be a thorough report listing every detail about every competitor. Rather, identify the key differences and similarities that will impact your decisions and profitability. Most importantly, use this analysis to determine your current competitive advantages and ways to develop additional advantages. Perhaps your products are better quality at a lower price. Emphasize these types of details. Be sure to answer the following questions:
· Competitive Advantage: What is your core competency? Is it valuable, rare, inimitable, or non-substitutable?
· Competition: To what part of the market are your competitors trying to appeal? Can you appeal to the same market in a better way? How (can you steal market share!)?
· Who is your best competitor (who you strive to be like/ compete with)? Your most relevant competitor (most likely to impact you)?
Follow the worksheet with the information for writing flow.
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