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A business plan can be as simple as a few notes scrawled on a paper napkin, or it can be a 40-page document with multiple sections and subsections describing every minute detail of a company’s operations, products and finances.
Understanding the market and industry in which your company will do business is accomplished through an industry analysis.
An industry analysis conducted before you begin to write a business plan will help you to: An industry analysis is specific to the particular industry in which a business is currently operating or into which it plans to venture.
Where an industry analysis establishes the scope of the marketplace, a market analysis tells a business owner if a market within a particular industry will be profitable for a company’s product.
A competitor analysis is a process in which a business obtains information to identify and learn more about key competitors in order to be able to predict how the competition will react.
This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.
How To Write A Company Overview For A Business Plan
By using the product, you can compare features on the competitor’s product with those of your own product.
Becoming a member of a competitor’s mailing list to receive promotional material and updates on new products and pricing is a quick and easy source of information.
The information gathered about competitors might not seem like much when looked at separately, but when viewed as a whole, it can be mosaic-like in what it reveals about your competition.
Competitive analysis serves a vital role in strategic planning, so writing a great business plan becomes easier if you do your research before you begin to write your business plan.
A competitor analysis, unlike the competitive rivalry factor of an industry analysis, focuses attention on each competitor’s strengths and weaknesses instead focusing on the overall competitive climate within an industry.