What’s Your Advantage?
Now that you have researched your industry, conducted a SWOT analysis on your business, and studied your competition you are in a position to clarify your business strengths and advantages in terms of creating a competitive position.
Ensure to include the following:
Key Industry Trends and Industry Outlook – Secondary Research
In this section, you are asked to make a case for the need for your business by providing proof in the form of statistics, projected trends, and quotes (cite your sources). The objective is to provide evidence that your business will be viable. Summarize key industry trends and outlook, including past and current trends.
- Compose a 2-paragraph statement on the strengths and advantages of your business within the context of your industry.
What are the trends in your industry and the projected outlook?
Consider the following aspects as starting points:
- Competitive factors and outlook
- Regulations and government policies
- Environmental requirements and best practices
- Societal and consumer perspectives
- Technological changes and influences
Analysis of Competitive Position
Who are your top 2 competitors, and how do you compare against them on the criteria listed in the table – this will allow you and others to see your competitive advantages (must use the table format as per the BP template, complete either products or services chart, or both).
- SWOT Analysis – strengths and weaknesses (these are internal), opportunities and threats (external)
Report on and analyze the research that has been conducted on the competitive landscape. Compare the business’ features with competitors’ (in chart form), focusing on key industry success factors and potential points of failure.
Then, summarize your business’ competitive advantages. Come up with 3 aspects where your business holds a competitive advantage over its competitors. A competitive advantage is a unique attribute of the product/service in comparison to direct competitors. These should have a direct benefit to potential consumers and clients, and should be evident from the table.