Feasibility Analysis Part 3 Market Competitive Analysis ProductService

Feasibility Analysis: Part 3 Market & Competitive Analysis (Product/Service) Paper #3 Entrepreneurship & Innovation

6 Steps of Feasibility Analysis 1. 2. 3. 4. 5. 6. Determine which Industry to choose Capture & Assess the Business Idea Research the market and customers Gather Competitive Intelligence Estimate Price & Profitability Future Action Plan

Ask the Experts: o o o http: //www. youtube. com/watch? v=t. E Ky. KKK 7 OPc&NR=1 Who would buy this? http: //www. youtube. com/watch? v=f. I AWL 0 Bt_V 8&feature=related Some very cool stuff http: //www. youtube. com/watch? v=l 5 3 g. Gkvuyo. E&feature=related

Kawasaki’s Rules of Branding Chapter 9 o o o o Create a “Contagion” Lower Barriers to Adoption Recruit “Evangelists” Foster a Community Achieve Humanity Focus on Publicity Talk the Walk

I. 1. 2. 3. 4. 5. Market Can Be Recognized And Measured Customers could be just about anyone; targeting a group not easy. I have potential customers; I need more research to find target market. I have identified my potential customers; they will be difficult to reach due to demographics/buying patterns. With effort, I can use my customers’ demographics/buying patterns to find them. My potential customers are easy to find because of their demographics/buying patterns.

Develop your Customer Profile o Business n n n Type Size (revenues) Geography (where & # locations) # Employees Business Stucture o Individual n n n n Age Income Sex Occupation Family size Culture Education

II. Existing competition has identifiable weaknesses. 1. 2. 3. 4. 5. lots of competition who have been in this business longer than I. no competition! I wonder why? I have identified my competition, but I do not know their weaknesses. I know my competition and their weaknesses, but I need more research. limited competition, and I know their weaknesses. http: //www. llrx. com/features/ciguide. htm

Describe the Competition Beers Ice cream Tea Regular colas Diet lemon limes Diet-Rite cola Wine Diet Pepsi Fast food Bottled water Baseball cards Fruit flavored colas Coffee Diet Coke Lemon limes Product form competition: Diet colas Juices Product category competition: Soft drinks Video rentals Generic competition: Beverages Budget competition: Food and entertainme nt

III. Distribution system is established and receptive. 1. 2. 3. 4. 5. I must develop a brand new distribution system. My current distribution system offers only limited options. distribution system already established with several options. Several distributors seem receptive to carrying my products/services. Distributors want to carry my products/services.

IV. 1. 2. 3. 4. 5. Customers purchase frequently. Customers will only buy once / must find new customers all the time. Most customers will only buy once from me. Customers will buy more than once, but not frequently. Some customers will purchase products/services frequently. Customers purchase products/services very frequently.

V. Business has great news value. o o o business has zero news value. doesn’t seem to have great news value. I can come up with an angle to get some publicity. I can get some good media coverage if I work at it. business is so new and interesting that getting in news is very easy.