Business Plan Research: Get to Know Your Competition Pizza and beverages provided by CEI Stacy Schwartz Research & Instruction

Agenda Get to know: – Business Plan Components – Competitive Analysis – Find Competitors – Competitive Matrix Examples – Research Companies/Products libguides.wpi.edu/businessplan

Essential Business Plan Components United States Small Business Administration Write A Business Plan Executive Summary Market Analysis – competitive analysis Market Analysis Company Description Organization & Management Marketing & Sales Management – strategy for growth, communication, distribution Marketing & Sales Management Service or Product Line - suppliers, availability of products/services, and service or product costs Service or Product Line Funding Request Financials – projections, resource allocation Financials Appendix

Competitive Analysis Identify key competitors: direct, indirect, future Identify product line or service & market segment, market size, market share Assess strengths, weaknesses of competitors

Competitors libguides.wpi.edu/businessplan libguides.wpi.edu/businessplan Identify, find, rank Key databases: – Hoovers Hoovers – Lexis-Nexis Academic Lexis-Nexis Academic – Busin ess & Company Resource Center Busin ess & Company Resource Center TIPS: Check 10-K Annual Report in EDGAR for competitor sectionEDGAR Use SIC/NAICS codes OR Dossier Create a Company List Lexis-Nexis Academic Lexis-Nexis Academic Check bpl.org for an ecard!bpl.org

Competitive Analysis Matrix Examples Download useful spreadsheets such as this and use web & library database searches to fill in the blanks See also

Research Companies/Products Industry and/or location specific directories Vertical market web sites or portals Trade journals buyers guides & associations member lists/buyers guides Market research firms that specialize in your area Patents for competitors and product innovations Specialty stores or catalogs where & who would BUY it?

The Right Terms & The Right Tool Typing in the keyword competitors and your product or industry just wont work – Web searches – Track down specific directories of companies {your keywords} Industry Directory Online phonebooks or buyers guides – Track down member directory of industry association: Member list {your keywords} Industry Association

Break the Search Down How are competitors reaching target market (marketing/advertising)? Pricing: Are your ideas within the range? How are the products distributed?

Stop by Gordon WPI for research help See wpi.edu/+library/Help for , chat or to set up a research consultation Questions?