COMPETITIVE ANALYSIS OF THE BUSINESS PLAN

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Competitive analysis is an essential step in the drafting of a business plan, it makes it possible to identify and evaluate your future competitors, whether direct (offering similar services) or indirect (meeting the same needs ). You will also be able to determine the strengths and weaknesses of your project, increase your knowledge of the market and adapt your business strategy.

COMPETITIVE ANALYSIS OF THE BUSINESS PLAN
It is initially intended for project managers to improve their business plans, draw up their various strategies and make forecasts. But it is also useful, secondly, to the readers of the Business Plan, who will have a more global vision of the project and a better understanding of the subject.

A REAL TOOL FOR YOU!

As competition is increasingly present in the markets, it is necessary to succeed in pulling out of the game to be able to exist and to last in time. You will, therefore, have to position yourself to thwart the strategies of your rivals. The analysis of the players in your market will allow you to identify your strengths, weaknesses and anticipate possible threats. This re-creation study will be a way for you to understand what differentiates you from others, from the customer, and will give you a considerable advantage over them.

INFORMATION FOR FUTURE INVESTORS.

The competitive analysis will also be used to show your expertise of the activity and the environment in which your next company will evolve. All this information will interest potential investors since they all seek the best investment to make while minimizing the possible risks of loss. As competition is a significant threat, a real analysis of the latter will reassure your future partners and give a more professional image of your project.

INFORMATION FOR FUTURE INVESTORS.

The competitive analysis will also be used to show your expertise of the activity and the environment in which your next company will evolve. All this information will interest potential investors since they all seek the best investment to make while minimizing the possible risks of loss. As competition is a significant threat, a real analysis of the latter will reassure your future partners and give a more professional image of your project.

HOW CAN THIS BE DONE?

COMPETITOR ANALYSIS: BRAINSTORMING AND CUSTOMER POTENTIAL
You need to look at the behavior of your competitors in the marketplace, such as how they make their products or services attractive to clients. This research will focus on pricing, the marketing methods used, the communication actions implemented and targeted market segments. 

This reflection can be done, first of all, through a Brainstorming on the different actors and products that can be judged as dangerous for your project. This method makes it possible to establish a relatively whole market situation. After that, it can be absorbing to put you in the skin of a potential customer . This will help you better understand the consumption patterns and expectations of your future clients. This step can be performed by someone outside the project to gain a less biased view of the competitive environment.

THE SYNTHETIC TABLE

To conclude your competitive analysis with an artificial table of your different competitors regrouping their respective strengths and weaknesses. You will be able to quickly identify the strengths in attendance and adapt your strategy (differentiation, niche positioning, pricing policy, etc.) according to their weaknesses.

To complete your competitive analysis, we recommend that you use the Porter 5's method

Competitive analysis has become a necessary step in the development of a Business Plan. If you do not see the interest or if you can not identify competitors, it may be that the demand is still insufficient to date. Too often entrepreneurs feel that the innovative aspect of their product or service positions them above the competition. This is a mistake not to be made because, as we have seen, the game must be analyzed as a whole. Competition is a direct threat to all project promoters but can become a real asset if it is used wisely.

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