Market research is a critical component when youâ€™re launching a product, trying to improve your existing service, or when youâ€™re just looking to be a step ahead of your competitors. It will provide you with all the information you need to make better business decisions. Market research and competitive analysis is crucial for a better understanding of your customers, competitors, and other important factors in the external environment, leading to better decision making and a higher probability of business sustainability.
Following what you’ve written so far, answer the following question as it relates to your personal business venture:
Who are your potential customers? Mention something about their demographics (i.e. age, income, lifestyle, etc…)
Who are your competitors and how are you differentiating yourself from them? What is your competitive advantage (i.e. cost, product/service differentiation, niche, etc…)
Finally, brainstorm potential internal attributes (i.e. strengths and weaknesses) and external attributes (i.e. opportunities and threats) as they relate to your venture.
Use what you have learned on marketing research and competitive analysis to answer these questions in narrative form. Again, your response to the above questions should be between a total of 400-600 words. You will be graded on accuracy of content/concepts used, feasibility, and finally the organization and presentation of the writing. Please refer to the rubric posted on Canvas for more detail on grading.