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Competition is not just another business that might take money away from you.It can be another product or service that's being developed and which you ought to be selling or looking to license before somebody else takes it up. You also need to be constantly on the lookout for possible new competition.The business plan competitor section can be presented in a number of formats including a competitor matrix, but an informative way of presenting is using Harvey balls.
However, there will be competition for the target market and this will limit the share of the market you can obtain.
For example a review of competitor products and prices will enable a business to set a realistic market price for its own products.
The competition section of the business plan aims to show who you are competing with, and why the benefits your product provides to customers are better then those of the competition; why customers will choose your product over your competitors.
You can also assess any threats posed by both new entrants to your market and current competitors.
This knowledge will help you to be realistic about how successful you can be.