Twelve Steps to a Successful Business Plan

Twelve Steps to a Successful Business Plan

Industry and Marketplace Analysis Stephen Lawrence and Frank Moyes Graduate School of Business University of Colorado Boulder, CO 80309-0419 Industry and Marketplace Analysis Overview of industry and marketplace Trends, dynamics, problems, opportunities Demonstrate need or hole in marketplace Show how trends lead inevitably to your concept

Tone of dispassionate analysis Arms-length viewpoint, outsider looking in Not the place to describe your concept or firm This is not where you present your market strategy Organization of Analysis Section Industry Analysis Marketplace Analysis Customer Analysis

Competitor Analysis Conceptual Picture Save for Marketing Plan Your Industry Your Marketplace X

Buyers You Sellers -- Industry analysis Overview of industry organization Pure competition, oligopoly, Focus on major and important trends Identify disruptive technologies (if any) Porter analysis is a good exercise

May or may not include in plan Porter Analysis Ease of Substitution Power of Suppliers Industry Industry

Rivalry Barriers to Entry Power of Customers Industry Questions How do we define our industry? How is the industry segmented?

What are current trends and important developments? Who are the largest and most important players? What problems is the industry experiencing? What national and intl events influence our industry? What are growth forecasts? -- Marketplace Analysis Define and describe your marketplace Niche, geographic area, subset of larger industry Whats happening in your market?

Network! talk with the marketplace Customers, competitors, vendors, suppliers, salespeople, Chambers of commerce Industry trade groups Marketplace Questions How do we define our marketplace? How large is it and how fast is it growing? How is our marketplace segmented? What companies currently service this market?

What trends are important in our marketplace? -- Customer Analysis Identify current buyers in your marketplace Segment these customers What problems are not being solved?

What needs are not being met? Which customer segments are currently ignored? Talk with current buyers! Customer Questions Who are the traditional customers in this market? How is the market segmented? What motivates buying decisions? What channels of distribution are used? What channels are being ignored

In what ways are customers dissatisfied with current offerings in the marketplace? What customer needs are currently unmet by the market? What emerging customer groups are being ignored? -- Competitor Analysis Identify current sellers in your marketplace Niche and focus Target customers Strengths and weaknesses

Talk with current marketplace sellers! Sellers themselves Vendors Customers Competitive Matrix Comparison Competitive Matrix Competitive Matrix Chart Product or Service

Competitor A Competitor B Competitor C Competitor D Competitor E Competitor F

Production / Quality Unique Features Distribution Marketing / Geographic Strengths & System Advertising Location Weaknesse

Market Share Competitor Questions Who are current sellers in the marketplace? What are the attributes and characteristics of these sellers and their products/services? What is there size, location, target market, and other important characteristics? For their products or services, identify price, quality,

features, distribution, and other important attributes. What problems and concerns to customers have with these sellers? Suggested References Encyclopedia of Associations, Business Library reference section 1997 U.S. NAICS Codes and Titles, http://www.census.gov/epcd/naics/naicscod.txt 1997 NAICS and 1987 SIC Correspondence Tables,

http://www.census.gov/epcd/www/naicstab.htm Researching an Industry (Babson College) http://www.babson.edu/itsd/sg/word/sg4industry.doc Finding statistics (Babson College) http://www.babson.edu/itsd/sg/word/sg4statistic.doc Product/Service Description Introduction Description

What is your product or service? Describe carefully. Market comparison Why is our product or service unique or better? What problems does it solve for customers? Proprietary rights (if any) Stage of development (brief) Use this section to sell your concept Product/Service Summary

Introduction Write an evocative paragraph that attractively presents your product or service Entering Hills Kitchen, customers are engulfed by the aroma of warm, hearty soups and freshly baked breads. They relax to music and peruse our menu of original gourmet recipes and freshly baked breads. A friendly and knowledgeable kitchen staff person greets them at the counter to offer suggestions and health information, and to take their order. Within moments the customer is served a generous portion of hot, hearty, and delicious Hills Kitchen soup. Accompanying the soup is a large slice of freshly baked bread and a fresh fruit choice, all of which can be carried out or enjoyed

in our clean and comfortable dining area. In just those few brief moments, Hills Kitchen has served another healthy and delicious meal, and satisfied yet another customer.

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