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Business Plan Research: Get to Know Your Competition

Business Plan Research: Get to Know Your Competition. Stacy Schwartz Research & Instruction. Pizza and beverages provided by CEI. Agenda. Get to know: Business Plan Components Competitive Analysis Find Competitors Competitive Matrix Examples Research Companies/Products.

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Business Plan Research: Get to Know Your Competition

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  1. Business Plan Research: Get to Know Your Competition Stacy Schwartz Research & Instruction Pizza and beverages provided by CEI

  2. Agenda Get to know: • Business Plan Components • Competitive Analysis • Find Competitors • Competitive Matrix Examples • Research Companies/Products libguides.wpi.edu/businessplan

  3. Essential Business Plan Components United States Small Business AdministrationWrite A Business Plan • Executive Summary • Market Analysis– competitive analysis • Company Description • Organization & Management • Marketing & Sales Management– strategy for growth, communication, distribution • Service or Product Line - suppliers, availability of products/services, and service or product costs • Funding Request • Financials– projections, resource allocation • Appendix

  4. Competitive Analysis • Identify key competitors: direct, indirect, future • Identify product line or service & market segment, market size, market share • Assess strengths, weaknesses of competitors

  5. Competitorslibguides.wpi.edu/businessplan • Identify, find, rank • Key databases: • Hoovers • Lexis-Nexis Academic • Business & Company Resource Center • TIPS:Check 10-K Annual Report in EDGAR for competitor section • Use SIC/NAICS codes OR Dossier™ Create a Company ListLexis-Nexis Academic • Check bpl.org for an ecard!

  6. Competitive Analysis Matrix Examples Download useful spreadsheets such as this one @ http://leeds-faculty.colorado.edu/moyes/bplan/Tools/Competitors.xls and use web & library database searches to fill in the blanksSee also http://myphliputil.pearsoncmg.com/student/bp_turban_introec_1/CompGrid.xls

  7. Industry and/or location specific directories Vertical market web sites or portals Trade journals buyers’ guides & associations member lists/buyers’ guides Market research firms that specialize in your area Patents for competitors and product innovations Specialty stores or catalogs Research Companies/Products where & who would BUY it?

  8. The Right Terms & The Right Tool Typing in the keyword “competitors” and your product or industry just won’t work • Web searches • Track down specific directories of companies • {your keywords} Industry Directory • Online phonebooks or buyer’s guides • Track down member directory of industry association: • Member list {your keywords} Industry Association

  9. Break the Search Down • How are competitors reaching target market (marketing/advertising)? • Pricing: Are your ideas within the range? • How are the products distributed?

  10. Questions? Stop by Gordon Library @ WPI for research helpSee wpi.edu/+library/Help for email, chat or to set up a research consultation

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