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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.It provides information from which a business owner can create a long-term strategy to minimize risks and take advantage of growth opportunities.
A product feature comparison allows you to compare your company’s product with products produced by competitors.
Unlike a competitor analysis that allows you to determine how your business measures up to competing businesses, product feature comparisons limit their focus to the products themselves.
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.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.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.A business plan can be as simple as a few notes scrawled on a paper napkin, or it can be a 40-page document with multiple sections and subsections describing every minute detail of a company’s operations, products and finances.Writing an effective business plan is easier if you take time before starting the writing process to conduct your research and gather the information you will need to incorporate into it.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.According to Porter, there are five forces that influence all markets and industries.The five forces are: Porter believed that an analysis of the five forces that exist in every industry could help forecast a company’s ability to compete and remain profitable.