Assignment 1D: Competitor Data Collection Plan

Objectives

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.

Brief Description

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.

Submission Instructions

1. 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
2. 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.
3. 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?