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Business Plan Tutorial: Industry Competition

Industry Competition

2.    Competition - Who, How Many, How Big?

  1. Research how they advertise
  2. What are their markets
  3. What is their market share
  4. Learn their products
  5. Product features
  6. Prices  

Questions you should answer within your business plan:

  1. Description of the current industry
    1. How can you take advantage of the current industry trends?
    2. How much growth can you expect?
    3. Is this a market you want to go into?
  2. What ideas can you borrow from the competition?  (I.E. Supply chains, distribution channels, points of sales)
  3. What can you do that your competition can't?
  4. What can you improve upon (e.g., make more profitable, simplify, streamline, just-in-time, reduce waste)?

Industry Competition - Print

Industry Magazines: Get the latest information about trends or changes for your product from trade journals.  (Add the product to the search provided using Google.) 

Industry Competition - UW Restricted

Trade Journals:  report on industry trends and includes small and private companies.  For articles on the company, search online  Databases such as: Factiva, Lexis-Nexis and Proquest.  See links below.

Industry Competition - Free Online

Obviously, check the Competitions' websites!!!!

Chamber of Commerce as a resource, i.e. Bothell, Woodinville, and Ballard.  They have listings of all the Member Businesses.  Understand your competitor's location and how that may help them. They might be located near a natural resource used in their product or close to a university for an inexpensive educated labor force.   

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