He has set himself serious targets he wishes to have achieved by then, failure to which he will consider his life a disappointment.
One of the most common ways to do this is a competitive analysis, but what exactly does this report achieve? Once you know all this, you can reflect on how your company fits into the market, and use it to build a strategy on where you need to go.
A competitive analysis is critical to your strategy because once you understand the playing field, you can line up exactly what it is your target customers value, and knock the competition out of the park.
This goes without saying for your entire business plan! Study this quick course and discover how to make a stronger and more concise business plan today.
10 Inspiring Success Stories May is Small Business Month, and to celebrate we're honoring 31 inspiring stories of small-business success. Here's a look at 10 of them. Phuzamanzi Industrial Maintenance Projects CC, trading as Phuzamanzi Electrical, is an electrical services contracting company that provides a myriad of services suited specifically to our customers’ short term and long term objectives. Our business creation competition, along with training and mentoring events can take you from idea to business in under a year. You can enter in one or both stages of AIP’s competition. Entering the AIP business plan competition is an excellent opportunity to benefit from: Chance to win cash prizes at each stage (Phase 1 and Phase 2).
What you also need to spend time researching is all of the other companies that are impacting your market share. Get a picture of the entire market and also identify companies that have an incentive to enter your market in the upcoming 12 months.
Once you have all this together you can prioritize the list by ranking the competitors that will prove the greatest challenge. The main competitors in the industry are all small to medium sized players that have an established presence in the market.
Our competitors we need to pay the most attention to are Company ABC, Company 2 and Company 3, because they are all growing their market share year on year, and at a faster rate than our own.
Think specifically in terms of the features, value provided to customers and how exactly they are being sold. This course is fantastic for using the information you gather to set your prices effectively.
In your research consider competitors marketing plans, and what strategies they have in place to get their name out. If you have access to customer satisfaction surveys from independent research groups they are a great help in getting impartial information.
Include information on product quality, and find out how they are both staffed and are operating when you can.
The closest resemblance to our own product comes from Company 2, because their scale of operation and sales force is similar to our own. Unfortunately the product that is best positioned in the market is that from Company ABC, who also are very present on both TV and internet marketing, hold the largest market share and have had the best year on year growth.
Customers have commented that the durability of our product could be improved when compared to others in the industry, and the issue was raised that both Company ABC and Company 3 both have a much larger presence and regular interaction with our customer base in face to face meetings… Strengths and Weaknesses Be very objective as you put together the strengths and weaknesses of your competition.
Think about their products as if you actually work for the competitor, and discover what makes them so great. Is it the quality, or the cost to manufacture? Are they more user-friendly, or do they have fantastic design? Finding all of this is quite easy with the internet, and your first place to start should be their website, and any product review sites you can find.
Make some calls, talk to journalists, consultants and major players in the industry.But big ideas never die and Ms Rutto saw a business plan competition as her opportunity to get things right.
“Enablis were advertising for people to send ideas and I thought that was something I was definitely going to win,” she says. She won Sh, which she ploughed into her business by . Lions DEN Competition.
likes. The Lions Den is a business plan competition being hosted by AIESEC Strathmore that will provide students the.
Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get. Kenya at determining the influence of a post jobs sites high level of these companies, deals.
The following review of ict initiatives and your business plan. Which the business plan and we are also offers specialized business plan writing a global network of nakuru the drafting. President, Pharmaceutical Society of Kenya Dr.
Louis is a visionary and community leader within the SME, Retail and Health professionals sectors. His vision is to see all Kenyan’s accessing quality, effective and affordable healthcare where and when they need it within our lifetime.
Business Plan Competition in Kenya. Teleradiology via the Internet. Other blog news: Global Voices has a nice, [ ] Noli Irritare Leones» Blog Archive» African ingenuity blogwatch. 10 Nov 07 at [ ] Business Plan Competition in Kenya.
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