Feasibility Analysis: Part 3 Market & Competitive Analysis (Product/Service) Paper #3 Entrepreneurship & Innovation

6 Steps of Feasibility Analysis 1.Determine which Industry to choose 2.Capture & Assess the Business Idea 3.Research the market and customers 4.Gather Competitive Intelligence 5.Estimate Price & Profitability 6.Future Action Plan

Ask the Experts:  KyKKK7OPc&NR=1 KyKKK7OPc&NR=1  Who would buy this? AWL0Bt_V8&feature=related AWL0Bt_V8&feature=related  Some very cool stuff 3gGkvuyoE&feature=related 3gGkvuyoE&feature=related

Kawasaki’s Rules of Branding Chapter 9  Create a “Contagion”  Lower Barriers to Adoption  Recruit “Evangelists”  Foster a Community  Achieve Humanity  Focus on Publicity  Talk the Walk

I. Market Can Be Recognized And Measured 1.Customers could be just about anyone; targeting a group not easy. 2.I have potential customers; I need more research to find target market. 3.I have identified my potential customers; they will be difficult to reach due to demographics/buying patterns. 4.With effort, I can use my customers’ demographics/buying patterns to find them. 5.My potential customers are easy to find because of their demographics/buying patterns.

Develop your Customer Profile  Business Type Size (revenues) Geography (where & # locations) # Employees Business Stucture  Individual Age Income Sex Occupation Family size Culture Education

II. Existing competition has identifiable weaknesses. 1.lots of competition who have been in this business longer than I. 2.no competition! I wonder why? 3.I have identified my competition, but I do not know their weaknesses. 4.I know my competition and their weaknesses, but I need more research. 5.limited competition, and I know their weaknesses.

Describe the Competition Diet lemon limes Baseball cards Fruit flavored colas Coffee Diet Coke Diet Pepsi Diet-Rite cola Bottled water Lemon limes Regular colas Beers Juices Wine Fast food Tea Video rentals Ice cream Product form competition: Diet colas Product category competition: Soft drinks Generic competition: Beverages Budget competition : Food and entertainme nt

III. Distribution system is established and receptive. 1.I must develop a brand new distribution system. 2.My current distribution system offers only limited options. 3.distribution system already established with several options. 4.Several distributors seem receptive to carrying my products/services. 5.Distributors want to carry my products/services.

IV. Customers purchase frequently. 1.Customers will only buy once / must find new customers all the time. 2.Most customers will only buy once from me. 3.Customers will buy more than once, but not frequently. 4.Some customers will purchase products/services frequently. 5.Customers purchase products/services very frequently.

V. Business has great news value.  business has zero news value.  doesn’t seem to have great news value.  I can come up with an angle to get some publicity.  I can get some good media coverage if I work at it.  business is so new and interesting that getting in news is very easy.