Starting Your Own Business ? Hints & Tips Entrepreneurial Advice Suzie's Blogs ...

Hey Suzie - What should I address in my competitor analysis ? Names of competitors - List all of your current competitors and research any that might enter the market during the next year. Summary of each competitor's products - This should include location, quality, advertising, staff, distribution methods, promotional strategies, customer service, etc. Competitors' strengths and weaknesses - List their strengths and weaknesses from the customer's viewpoint. State how you will capitalize on their weaknesses and meet the challenges represented by their strengths. Competitors' strategies and objectives - This information might be easily obtained by getting a copy of their annual report. It might take analysis of many information sources to understand competitors' strategies and objectives. Strength of the market - Is the market for your product growing sufficiently so there are enough customers for all market players? All pretty common sense things, but things we all often overlook. Happy reading. Suzie Posted: Wednesday 2nd March 2005, 12:13 AM

Back to the Business Startups Advice Blog