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Information for a competitor analysis is available from a number of sources including news stories and press releases, advertising, company websites, promotional campaigns, patent and copyright applications, price lists and, in the case of publicly traded companies, annual reports and SEC filings.Sometimes, getting information about a competitor might require a bit of sleuthing on your part.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.
It is a roadmap of how your business will operate in order to succeed.
Before you can begin writing your business planning roadmap, you need reliable information about your industry, your competitors, your product and your customers for inclusion in it.
An industry analysis, competitor analysis, product feature comparison and market research will give you the information you need.
Understanding the market and industry in which your company will do business is accomplished through an industry analysis.
Use the templates below, then meet with a SCORE mentor for expert business planning advice.
When how to write a business plan is at the top of the SBA list of the ten steps in how to start a business, it tells you something about how important the experts consider it to be.Then, get advice from a SCORE mentor for one-on-one assistance along the way.These resources can be your first step towards small business success.There are many articles and resources available on the Internet explaining how to write a business plan, but writing a business plan is more than merely following a business plan template or copying someone’s business plan examples.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.The five forces are: Porter believed that an analysis of the five forces that exist in every industry could help forecast a company’s ability to compete and remain profitable.You will obtain sufficient information on your industry from the five forces analysis to formulate long- and short-term strategies to incorporate into your business plan.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.It provides information from which a business owner can create a long-term strategy to minimize risks and take advantage of growth opportunities.The first thing you should do is purchase or acquire your competitor’s product.This gives you the chance to evaluate your competitor’s sales process while you are acquiring the product to test.