It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.Tags: What Is Business Continuity Plan BcpSteps Of Writing A Business PlanResearch Aptitude Test PaperEssay On Rural Development ProgramEssays On Wal MartInternational Business Plan Template
This is part of the financial projections and Contents of a Business Plan Guide, a series of posts on what each section of a simple business plan should include.
The next post in this series will deal with the competitive advantages the business has in the chosen target market.
He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.
The NIBS Worldwide Business Plan Competition aims to stimulate entrepreneurship among students.
Each row represents a key benefit to the customer, the first column represents your business, and the remaining three columns each represent a chosen competitor.
At the top of each column, details of the size of the business in terms of net assets and unit sales are shown.For example a review of competitor products and prices will enable a business to set a realistic market price for its own products.The competition section of the business plan aims to show who you are competing with, and why the benefits your product provides to customers are better then those of the competition; why customers will choose your product over your competitors.Your business plan outlines what your business does and what you are trying to achieve.It explains what the market opportunity is, what makes your business special and how you will make it a success.Underneath the comparison to the competition is made using Harvey balls on a rating of zero (blank circle) to four (completed circle).The investor will want to understand that your product has the potential to take a major share of the chosen target market by being shown that it is sufficiently competitive for a number of key customer benefits.The business plan competitor section can be presented in a number of formats including a competitor matrix, but an informative way of presenting is using Harvey balls.Harvey balls allow you to grade each customer benefit from zero to four, and to show a comparison of these benefits to your main competitor products.Teams are challenged to conceive of a new service or product offering, and then create a business plan and concept pitch video aimed at convincing potential investors to finance the business.Each year, the three best submissions are selected by a four-person jury of business professionals and academics to compete in the Final Round.