How to Write a Great Business Plan: Competitive Analysis.
A competitor analysis report shows how your company compares to its competitors in a wide array of areas. The results of these reports can be highly valuable, especially in competitive industries. Your managers can learn where your company has a decided advantage over your competitors and where they have room for.When you're writing the business plan, you'll write the competitor analysis section in the form of several paragraphs. The first paragraph will outline the competitive environment, telling your readers who your proposed business's competitors are, how much of the market they control and any other relevant details about the competition.The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
Competitive analysis provides a higher-level perspective of the entire marketing landscape and competitive intelligence. “Competitive analysis is the process of analyzing all collected information to derive some insight for reducing risk and making better decisions,” explains competitive intelligence expert and author Babette Bensoussan.A competitive analysis is critical to your strategy because once you understand the playing field, you can line up exactly what it is your target customers value, and knock the competition out of the park. The trouble is that many entrepreneurs and business owners, don’t do this very well at all. Their business is their “baby” and they.
An industry analysis helps you to understand the trends that are taking place in the industry today, as well as the historical trends that have led to that moment. Looking back at what the industry has been like can help businesses to figure out future trends. Industry analysis also enables business owners to understand external factors that affect the industry, such as politics, government.
