1. 6.3 Identify your competition

2. Select a Research Method
Recap
Marketing Concept?
Understanding the needs of your customer needs
5 steps in Market Research
Define the Question
Select a Research Method
Collect Data
Analyze Data
Draw Conclusions

3. Recap: 6.1 and 6.2 Goal of Market Research Identify Target Market
Demographics
Psychographics

5. New Stuff

6. Direct and Indirect Competition
Sells the Same Product
Same Area
Same primary product
Finding Direct Competition
Secondary Data
Directory
Chamber of Commerce
Observation

7. Direct and Indirect Competition
Makes small amount of $ selling your product
Finding Indirect Competition
More difficult to locate
May sell ancillary products that compete

8. Competing with Large Businesses
Very difficult for new Entrepreneurs
Larger Quantities
Multiple Products
Large Advertising Budget

9. Study Individual Competitors?
Price
Location
Facility
Website
Strengths
Weaknesses
Strategy

10. Competitive Analysis Assignment
Use secondary research data in order to compare the strengths and weaknesses of your competition. Use a graphic illustration to highlight the comparison. On a separate sheet of paper, write a paragraph describing your competitive advantage. The final version for your business plan will be in a word document with both the graphic and competitive advantage paragraph on one sheet.
Price
Location
Weakness
Strength
Strategy A B C D E

11. Strategies: Customer Retention
Loyalty is key
Listen and Respond to Feedback
Strategies
Constant Contact
Text blast
Better Service
Return Policies
Customer Service
Loyalty
B-day

12. SWOT ANALYSIS

13. TEXT REVIEW

14. TRUE/FALSE
The target market consists of the individuals or companies that are intere