Assignment 2: Business Plan Part II – Competitive Analysis and Strategic Assessment
Note: Refer to scenarios, reading assignments, and discussion questions from previous weeks to complete this assignment.
In Part I of your business plan, you identified an overview of your business concept, provided the mission statement and vision of the company leadership, and presented the products or services that your company will produce to satisfy the specific needs and wants of your target audience. As part of this process you identified key elements of your business model, formulated a feasibility analysis, and supported this strategy with outside research.
In Part II, you will expand on your business plan by preparing a competitive analysis, differentiation strategy, and risk assessment for this venture. The use of a SWOT analysis should be included to identify the strengths, weaknesses, opportunities, and threats relating to your business model, your primary competition, and the industry you plan to enter. From this data you will identify your strategic position statement that identifies your competitive advantages and value proposition for your target audience. Next, you will share your marketing strategy and tactics that you will incorporate to create awareness of your new company’s offerings, and identify your key marketing message and messaging distribution strategy for reaching your target audience. Finally, you will identify at least three (3) types of risks that your business faces and describe your plan to mitigate this risk.
1. Prepare a competitive analysis, differentiation strategy, and risk assessment for this venture.
2. Create a SWOT analysis that identifies the strengths, weaknesses, opportunities, and threats relating to your business model, your primary competition, and the industry you plan to enter.
3. Based on your findings for questions 1 and 2, identify your strategic position statement that describes your competitive advantages and the value proposition your offerings will create for your target audience. Include an example of your marketing message and strategy for distributing your marketing content.
4. Describe at least three (3) types of risks that your business could possibly face and describe your plan to mitigate this risk.
5. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
The assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format.
· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
· Examine the creativity and business idea process, and the materialization of domestic and foreign market entry opportunities.
· Analyze the financial planning process for a new venture.
· Analyze the process of protecting the new venture idea and legitimizing it through a formalized business plan.
· Analyze different sources of capital to determine the appropriate financing for a business venture.
· Examine the marketing planning process for new ventures.
· Use technology and information resources to research issues in entrepreneurship and innovation.
· Write clearly and concisely about entrepreneurship and innovation using proper writing mechanics.