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When used as part of the process of creating an easy business plan, product features comparison data can provide information that is critical to making marketing decisions.The first thing you should do is purchase or acquire your competitor’s product.
Business owners of new startups or established companies can benefit from thinking through and researching such success-determining issues as: From this list you quickly realize that a business plan is more than a document a business uses to get financing or to attract investors.
It is a roadmap of how your business will operate in order to succeed.
A random conversation with a supplier might reveal information about a change in a competitor’s product line.
The point is to take advantage of every opportunity to acquire data about the marketplace in which your business operates, and it might reveal something about your competitors that could be of use in developing or refining your marketing strategy.
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.Where an industry analysis establishes the scope of the marketplace, a market analysis tells a business owner if a market within a particular industry will be profitable for a company’s product.A competitor analysis is a process in which a business obtains information to identify and learn more about key competitors in order to be able to predict how the competition will react.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.Financing, marketing strategy and future growth all require a well-researched and thought out business plan.There are many articles and resources available on the Internet explaining how to write a business plan, but writing a business plan is more than merely following a business plan template or copying someone’s business plan examples.When how to write a business plan is at the top of the SBA list of the ten steps in how to start a business, it tells you something about how important the experts consider it to be.Planning a business and writing a business plan is more than just having a location picked and a product or service to sell.