Business Feasibility Study
In the past articles, we talked about the three first steps of a Business Feasibility Study Outline. It's time now, to talk about the fourth step " Competition".
What to study in this field?
- Describe direct and indirect competition (as it pertains to the target markets only).
- For Key Competitors, give market share, resources, product and market focus, goals, strategies, strengths and weaknesses.
- List all key barriers to entry.
- Describe what is unique about the enterprise's product / service compared to the competition. Make sure this is consistent with the unmet need of the target market(s).
- State how difficult it will be for competitors to copy the enterprise's product / service.
- Describe how competitors will most likely react to the enterprise's product launch and the enterprise's response strategy. Include estimates of the time it might take a competitor to copy your product or service.
0 comments