How To Prepare Business Plan Step By Step
Becoming a member of a competitor’s mailing list to receive promotional material and updates on new products and pricing is a quick and easy source of information.The information gathered about competitors might not seem like much when looked at separately, but when viewed as a whole, it can be mosaic-like in what it reveals about your competition.Before you can begin writing your business planning roadmap, you need reliable information about your industry, your competitors, your product and your customers for inclusion in it.An industry analysis, competitor analysis, product feature comparison and market research will give you the information you need.A competitor analysis offers a detailed profile of each competitor along with an analysis of marketing strategies that can be used to counter position your company to improve market share or profitability.Information for a competitor analysis is available from a number of sources including news stories and press releases, advertising, company websites, promotional campaigns, patent and copyright applications, price lists and, in the case of publicly traded companies, annual reports and SEC filings.
A business plan for startup companies will benefit from an industry analysis that provides ownership with information to make decisions and formulate policy in certain key areas.
Understanding the market and industry in which your company will do business is accomplished through an industry analysis.
An industry analysis conducted before you begin to write a business plan will help you to: An industry analysis is specific to the particular industry in which a business is currently operating or into which it plans to venture.
If the features of the competing product give it a performance advantage over your own, you can evaluate how important those features are to determine if your product should be redesigned.
Another source of information on the product is the internet.