On successful completion of this assignment, students should be able to
- articulate the mission statement of the firm and its core strategies,
- identify the core competencies of the business,
- describe the target market by identifying the customers and individuals the business will address, and
- develop a pricing structure in line with the marketplace and industry.
Students will develop a business model which is a firm’s plan for how it competes in the market. A business model is a company’s core profit-making plan which defines the products or services it will sell, its target market, and any expected costs.
- Complete the Competitor Data Collection Plan identifying the major competitors and the Competitive Analysis Worksheet found on pages 14 & 15 of the Score Business Plan Template Score Template
- When you have completed these worksheets, step back and evaluate the data you compiled. This should clearly tell a story about how your offering is different from the competition. Prepare a document where you draw conclusions based on the Market and Industry Analysis that you have just done.
- Describe succinctly what the opportunity is and make a compelling case for you business including these points:
- Why have you chosen the particular entry point to start your venture?
- What is a compelling need for your product/service?
- Is a real problem being solved?
What indicates you will be able to compete successfully in the industry?