Title: Analyze potential competitors.
Course: Entrepreneurship (12053-I) > Section: Planning an Entrepreneurial Venture

Analysis should include

- determining direct and indirect competition
- analyzing the strengths and weaknesses of major competitors
- identifying the advantages of the new business venture over the competition
- establishing strategies for maintaining customer loyalty.

Process/Skill Questions:

- How does competition benefit consumers and entrepreneurs?
- What is the difference between direct and indirect competition?
- What are key areas to consider when analyzing the competition?
- How does competition determine pricing?
- Why is it important to analyze the types and levels of customer service offered by competitors?
- Why is it important to analyze the outlook for competitors?
- How can competition benefit an entrepreneur?
- What are the consequences of a company's failure to evaluate its competition?
- Why is it important to continuously evaluate the position of a product compared to its competition?
- Aside from price, what are other competitive advantages?
- How does competition drive innovation and/or use of technology?

Teacher Resources:

- What Can You Learn from Your Competition?, Entrepreneurship Crash Course