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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.
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.
This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.
By using the product, you can compare features on the competitor’s product with those of your own product.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.It provides information from which a business owner can create a long-term strategy to minimize risks and take advantage of growth opportunities.Porter of Harvard University has become the most frequently used method for analyzing any industry in order to create a strategy to compete within it.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.Competitive analysis serves a vital role in strategic planning, so writing a great business plan becomes easier if you do your research before you begin to write your business plan.A competitor analysis, unlike the competitive rivalry factor of an industry analysis, focuses attention on each competitor’s strengths and weaknesses instead focusing on the overall competitive climate within an industry.You will obtain sufficient information on your industry from the five forces analysis to formulate long- and short-term strategies to incorporate into your business plan.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.