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A)
External Environment:
Make a list
of the external business environmental factors for the industry
your business is in. Try to list at least five points for each
category:
-
Political
- Economic
- Social
- Technological
- Natural
B) Market
Assessment:
- Make a
list of the different potential customers for your product/service.
Include personal consumers, businesses, and other relevant groups.
List some basic characteristics for each of these customer groups.
- List the
geographic area that you are going to sell your product. Photocopy
a simple map and draw boundaries and selling areas on it if
it will help. Also show where the main customers and suppliers
are on this map.
- If you
are an established business, make a list of your current orders
and customers, and what the status of your business relationship
is, including the dollar amounts of business you have done with
each of them.
C) Market
Size:
-
Estimate
you market size in dollar value and unit sales, based on the
research you have done (reports, news, competitors' information,
etc.)
- Estimate
the growth rate for your industry in percentage for the next
five years based on the research you have done. List the reasons
why you think this growth rate makes sense.
D) TOWS:
Perform a
TOWS analysis on your business. Try to list as many factors as
you can think of under
each category (from the interactive exercise)
E) Competitive
Analysis:
- Make a
list of your main competitors, from largest to smallest.
- Perform
a SWOT analysis on at least 3 competitors (from interactive
task).
F) Industry
Forces:
Make a list
of the important forces in your industry for each of Porter's
Five Forces:
-
Barriers
to Entry
-
Supplier
Power
-
Buyer
Power
-
Substitute
Products
-
Rivalry
G) What
sets you apart:
- List what
you think the Key Success Factors (KSF's) for your business
are/will be.
- From these
KSF's, determine what your competitive advantage is.
- Write out
the Unique Value Proposition (UVP) for your business.
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